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Published on August 3rd, 2017 |

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Tishman Speyer reportedly prepping Three Alliance Center for sale

Cousins Properties CEO Larry Gellerstedt stated during a phone call with stock analysts July 28  that Tishman Speyer may be getting ready to position its Buckhead trophy Three Alliance Center for sale, according to a Bisnow online commercial real estate news report.

Three Alliance Center is the 30-story tower in Buckhead that Tishman Speyer developed entirely without any guarantees of tenant leases. It was completed late last year.

Tishman Speyer netted a number of office leases during the 500,000-square-foot tower’s construction, including with Global Payments, Aon, State Street Corp. and CBRE.

“The ownership of the building made a decision to get very aggressive in the last six to nine months in terms of the packages they were putting in front of customers to get the building leased up and potentially be ready to take to market this year, is what we’ve heard,” Gellerstedt told analysts.

“We hear in the market that that building today is roughly 80 percent kind of committed, whether lease signed or terms have been agreed to. And we think we’ll pretty quickly get that to 90%-plus,” Cousins President Colin Connolly said.

“And so as Larry [Gellerstedt] mentioned, it has had some temporary impacts on the market as they have been quite aggressive to get the building stabilized,” Connolly reportedly added.

A spokesman for Tishman Speyer declined to comment, according to Bisnow.

–John Schaffner

 

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