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KDC Buys Park Square Office Buildings from State Farm in Sale-Leaseback Deal
Dallas, TX-based KDC has acquired two Atlanta, GA office buildings totaling 1,054,108 square feet in a sale-leaseback deal with State Farm. The assets are located within the 17-acre, master-planned Park Center business complex, of which KDC is the original developer.
Phillip Askew, Ronald Reese and Charlie Robinson of Northmarq arranged the financing.
The acquisition includes Park Center Buildings 2 and 3, which are leased by State Farm, along with 39,152 square feet of retail space. A parking structure with 4,223 spaces and a 2.56-acre parcel for future development are also included in the acquisition.
Park Center Building 1 was completed in 2016 and contains 620,000 square feet. Park Center 2 is a 621,000-square-foot office tower with 39,000 square feet of retail space that was completed in 2020. Park Center Building 3 is a 440,000-square-foot office tower that was completed in 2021.
The Class A buildings are adjacent to the Dunwoody MARTA station.
- ◦Sale/Acquisition
