The Pinnacle, Two Live Oak Acquired by Brookdale Group Investment Fund
- Jan 30, 2015
Two Buckhead office towers have changed hands according to The Brookdale Group. The Atlanta Business Chronicle reports that the Atlanta-based privately held commercial real estate investment company’s newly formed seventh fund purchased the properties from TIAA-CREF for a combined $201 million. Cushman & Wakefield’s Capital Markets team in Atlanta represented the seller during the negotiations with Executive Directors David Meline and Stewart Calhoun, Senior Director Samir Idris and Brokerage Services Director Casey Masters in charge.
The acquisition marks Brookdale’s first investment in the Buckhead submarket. The 21-story Pinnacle tower encompassing 424,350 square feet was 92 percent leased at the time of the purchase. The 286,650-square-foot 13-story Two Live Oak building, 62 percent occupied at the time of the handover, is directly adjacent to The Pinnacle. Located at the intersection of Peachtree Road and Lenox Road, the properties are less than half-a-mile east of GA 400—convenient to MARTA, numerous restaurants, shopping and the newly opened PATH400.
DTZ’s Atlanta team will lead the leasing of both towers with Glenn Kolker, Preston Menning and Sonia Winfield. Transwestern’s team of Marc Woodward, Russell Lipscomb and Don Reeves will manage the buildings with Bill Stauduhar supervising the planned renovations. The fund, formed on December 11, 2014 with equity commitments of over $516 million, will foreseeably acquire or develop an additional $1 billion of Sunbelt office properties over the next 30 months.
Photo credits: Chad Thiele (via Wikimedia Commons)