Business News Atlanta Financial Center 1

Published on July 6th, 2015 |

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Buckhead’s Atlanta Financial Center may go on the market

General Motors Asset Management and Hines likely will put Buckhead’s Atlanta Financial Center on the market after owning the 911,000-square-foot office development since 2001, according to a report by the Atlanta Business Chronicle.Atlanta Financial Center2

The black aluminum and glass buildings have stood in the heart of Buckhead’s commercial district for years, bridging GA 400 and overlooking Peachtree Road in the center of Buckhead’s central business district.

The partnership of General Motors Asset Management and Hines paid $154 million for Atlanta Financial Center 15 years ago. According to the Business Chronicle report, it could get at least $270 to $280 a foot in this market, putting the sale at close to $255 million.

The ABC reports “timing is playing the largest role in spurring GM and Hines to test the market. Outside of south Florida, Buckhead is producing the most recent office transactions in the Southeast of at least $300 a foot, according to Colliers International.”

Buckhead has few vacant big blocks of office space for tenants looking for new leases, especially in the financial services sector. Only one Buckhead office tower is underway, Three Alliance Center, being developed by Tishman Speyer.

Hines has about 90 percent of the space leased in the three towers that make up Atlanta Financial Center, with SunTrust Robinson Humphrey and Morris Manning & Martin LLP as the two largest tenants.

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