Business News

Published on December 6th, 2016 |


Sumitomo Life Realty said under contract to buy Atlanta Financial Center

Japanese life insurance firm Sumitomo Life Realty is under contract to buy the 911,000-square-foot Atlanta Financial Center office complex that straddles GA 400 on Peachtree Road in the heart of Buckhead’s commercial district, reports Bisnow’s online real estate news service.

Sumitomo could be re-entering the Atlanta office market a decade after it sold its Midtown trophy asset One Atlantic Center. And Sumitomo could be paying in excess of $220M, or about $245/SF, for the iconic building that’s home to Morris Manning & Martin and SunTrust Robinson Humphrey, Bisnow reports.

Atlanta Financial Center is currently owned by Hines Interests and its JV partner, General Motors Asset Management. Colliers International shows AFC at 86% leased with gross asking rents at $35.50 per square foot. Hines has owned Atlanta Financial Center for some 15 years after it paid $154million to buy it.

Bisnow reported that calls to Sumitomo and Hines, as well as Eastdil Secured, which has been tapped to market the building, were not returned as of press time.

If the Atlanta Financial Center deal closes, it marks a return of Sumitomo to the Atlanta office market after it sold the 50-story One Atlantic Center in Midtown to Hines. Sumitomo purchased that tower in 1988 for some $300million, a record price for Atlanta at the time. It sold to Hines for roughly the same amount.

Hines recently sold One Atlantic Center to Starwood Capital for over $300 per square foot.

To read Bisnow’s full story, go here:

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