CBRE today announced that Banyan Street Capital and funds managed by Oaktree Capital Management, L.P. (“Oaktree”) have acquired Atlanta Plaza in a joint venture deal. Atlanta Plaza is a prominent Class A office tower located within the Southeast’s strongest and most desirable submarket of Buckhead.
The 631,808-sq.-ft. office tower recently underwent $7.5 million of upgrades and renovations, which led to nearly 200,000 square feet of leasing activity over the past two years. Major tenants include the regional hub for Salesforce.com, Rubicon Global, and the corporate headquarters for RentPath. Banyan Street and Oaktree are planning an additional $6 million in common area improvements to the main lobby, tenant elevator landings and corridors, elevator cabs, retail concourse and building signage.
“Buckhead continues to draw big-name tenants and remains the most exclusive office market in metro Atlanta,” said Nicole Goldsmith of CBRE. “The area has attracted many creative firms and provides a steady stream of tech talent to flock to creative and collaborative space like Atlanta Plaza has to offer. Additionally, Atlanta Plaza offers the accessibility that the existing creative and tech ecosystem craves, as it is sits directly on the MARTA line and interstate system, provides direct access to the Lenox Mall and offers walkable and bikable access to a diverse range of restaurants and other area amenities.”
Looking ahead, Atlanta Plaza will also benefit from nearly 1,000 new urban, upscale residential units, an ALOFT hotel and a six-acre park connecting it to Buckhead’s PATH 400.
“The property is one that would draw almost any investor, as it is unmatched in the Southeast,” said Chris Port of CBRE. “The combination of newly renovated space, energy, momentum and modern day attractive amenities such as green space are the ingredients that attract talent to a work environment that serves as more than a desk, but as an experience.”
”We have a rare opportunity to revitalize a landmark office tower and we couldn’t be more thrilled,” said Zac Gruber, Managing Director of Banyan Street Capital. “We intend to invest thoughtfully in renovations to the property targeting the central common areas and amenities in order to elevate the experience of working at Atlanta Plaza.”
A CBRE team of Chris Port, Nicole Goldsmith and Katherine Lynch has been retained to lease the space, and a CBRE team of Will Yowell, Justin Parsonnet, Jay O’Meara and Ryan Reethof represented the seller in the transaction. Jeff Ackemann, Jonathan Rice and Porter McDonald of CBRE’s Debt & Structured Finance team, sourced acquisition financing on behalf of Banyan Street and Oaktree to fully capitalize the acquisition. Banyan Street Capital will manage the property directly.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
About Oaktree
Oaktree is a leader among global investment managers specializing in alternative investments, with $98 billion in assets under management as of June 30, 2016. The firm emphasizes an opportunistic, value-oriented and risk controlled approach to investments in distressed debt, corporate debt (including high yield debt and senior loans), control investing, convertible securities, real estate and listed equities. Headquartered in Los Angeles, the firm has over 900 employees and offices in 18 cities worldwide. For additional information, please visit Oaktree’s website at www.oaktreecapital.com.
About Banyan Street Capital
Banyan Street Capital is a leading private real estate investment firm with the expertise and resources to deliver effective solutions for today’s commercial real estate market. As a premier owner and operator of office buildings, Banyan Street helps investors and partners implement strategies that add market value and deliver high risk-adjusted returns. The firm’s principals have been involved in the acquisition of over $3 billion of real estate assets and have successfully executed disposition strategies including the sale of operating businesses and real estate portfolios in excess of $1 billion to publicly-traded REITs.
