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Tishman Speyer Atlanta Office Tower Trades for Record $268M
Three Alliance Center, a 30-story office tower in Atlanta’s Buckhead submarket, was acquired by the Florida State Board of Administration from New York developer Tishman Speyer for $267.5 million. The trade works out to $532-per-square-foot, the highest-ever price for an Atlanta market office property.
The 506,647-square-foot tower at 3550 Lenox Rd. NE, was completed in 2017. Tishman Speyer’s Three Alliance Center represents the final phase of the 1.5-million-square-foot Alliance Center complex in Buckhead
San Francisco-based Stockbridge Capital’s David Nix advised the State Board. CBRE’s Will Yowell and Justin Parsonnet handled the property sale on behalf of Tishman Speyer. Transwestern will lease and manage the tower for the new owner.
The State Board acted as the investment fiduciary for the Florida Retirement System Trust Fund. It is the Florida pension fund’s first office property acquisition in the market.
For comments, questions or concerns, please contact Dennis Kaiser
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