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Sale/Leaseback Keeps UPS in Alpharetta Offices
UPS sold a 305,000-square-foot office building in Alpharetta for about $93.2 million, but is staying put. The company has signed a sale-leaseback agreement for the building at 12380 Morris Road. Fortress Investment Group was the buyer.
The Atlanta Business Chronicle reports that the transaction occurred just a few months after UPS vacated a 133,000-square-foot office in Sandy Springs. Some of the employees working at that office have since moved to the recently sold Alpharetta building.
Last spring, UPS said it would shutter 73 leased and owned buildings. That announcement coincided with the news that its global workforce of roughly 490,000 employees would shrink by about 4%.
Fortress Investment Group, LLC is an American investment management firm based in New York City. It was founded as a private equity firm in 1998 by Wes Edens, owner of the Milwaukee Bucks NBA team.
