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Cobb Galleria Office Towers Trade for $231M
Piedmont Office Realty Trust Inc. acquired Galleria 400 and Galleria 600, two office towers totaling 860,000 square feet in northwest Atlanta’s Cobb Galleria development. The sales price was $231.2 million. The acquisition also included an adjacent 10-acre land parcel entitled for one million square feet of additional development. The seller was not disclosed.
The Galleria is a master-planned, mixed-use development nearby the intersection of I75 and I-285. Since 2015, Piedmont has assembled 2.1 million square feet of office space across five buildings along with three development sites at the project. Piedmont’s total investment in The Galleria is approximately $500 million.
“We are extremely excited to add Galleria 400 and 600, along with one of the best developable land sites in the city, to our unparalleled position within the growing northwest Atlanta submarket,” said Brent Smith, CEO of Piedmont. “This acquisition exemplifies our strategy of aggregating high-quality, amenitized assets in dense, walkable environments, which give us the ability to create unique community-building experiences for our tenants.”
For comments, questions or concerns, please contact David Cohen
- ◦Sale/Acquisition
