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Buckhead Office Tower Trades for $205M
Global investment firm KKR & Co. acquired the majority stake in Salesforce tower, a 34-story, 631,00-square-foot office tower in Atlanta’s Buckhead submarket for $205 million. The building, which is located at 950 East Paces Ferry Rd., was built in 1986 and was previously known as Atlanta Plaza.
KKR will enter into a joint venture with current landlord, Banyan Street Capital. The deal is valued at $324-per-foot. As part of the deal, KKR will assume a majority ownership position in the partnership, replacing Oaktree Capital Management, the previous JV partner with Banyan street. Justin Parsonnet, Will Yowell, Jay O’Meara and Ryan Reethof of CBRE represented Oaktree in the transaction.
KKR and Banyan Street Capital plan an additional $5 million in capital improvements to the tower, including upgrades to the fitness center, outdoor plaza and retail concourse. A team of Chris Port, Nicole Goldsmith and Kyle Kenyon of CBRE have been tapped to handle leasing at the tower. Banyan Street Capital will manage the property.
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