Insignia Acquires Atlanta-Area Office Towers at Steep Discount

Insignia purchased Paces West, an office complex made up of two 18-story towers, for $21.75 million. The sellers, CP Group and Farallon Capital Management, purchased Paces West in 2019 for $119.5 million. A loan on the property entered into special servicing in July due to a maturity default. The property is at 2727 Paces Ferry Rd SE in the Vinings neighborhood of Atlanta.

The Atlanta Business Chronicle reports that Insignia took out a $12 million acquisition loan with Westmoore Group. The occupancy rate of the two 18-story towers is approximately 45%. The leasable square footage is 646,471. Piedmont Healthcare recently left the complex, leaving 253,000 square feet vacant.

The new owners plan to rebrand the property and execute a new leasing strategy.

Inignia also controls a large portion of the Embassy Row complex in Sandy Springs, an 8-story office building called River Ridge at the northern edge of Sandy Springs, 1200 Ashwood in Dunwoody, Parkside Terraces in Alpharetta, and the former Kmart site in Doraville.

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About Mike Boyd

Mike covers our Texas and Phoenix/Southwest regions. He is a veteran news reporter who spent 10 years in radio and television news, mostly in Tucson, Arizona. Following his career in the media, he spent ten years as a communications executive for a publicly traded development company. Mike is married with three boys and three Huskies.

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