San Francisco-based private equity firm Stockbridge has acquired The Willoughby, a new, mid-rise creative office property located near the Atlanta Beltline’s Eastside Trail. The sales price was reported as $23.8 million.

Located at 746 Willoughby Way in Atlanta’s Old Fourth Ward neighborhood, the four-story building totals 60,000 square feet with office suites starting at 2100 square feet and ranging up to 15,000 square feet for a floor-through space. Tenants at the building include Blue Sombrero and ad agencies Dragon Army and Dagger.

The property’s sales price represented a price-per-square-foot of $407, which approaches the price for a trophy office tower in Atlanta. In 2015, 3630 Peachtree, The Pinnacle and One Buckhead Plaza in Atlanta’s Buckhead submarket traded for over $340-per-square-foot, which at the time was the top of the market. Today Atlanta’s newest towers sell for more than $500-per-square-foot.

For comments, questions or concerns, please contact David Cohen