CarrAmerica dumps 1.7 million square feet

Local firm gains Atlanta office holdings

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VEF Advisors, on behalf of its Value Enhancement Fund V, has closed on its acquisition of CarrAmerica Realty Corp.'s Atlanta office portfolio, consisting of 1.7 million square feet in 15 buildings. The purchase price was $196 million. The portfolio comprises 15 buildings located in three Atlanta suburban submarkets, including 724,000 square feet in the Central Perimeter market, 721,000 square feet in the Peachtree Corners submarket northeast of Atlanta, and 256,000 square feet in the Northwest/I-75 submarket. The Central Perimeter properties include the Embassy Row office park along Georgia 400. Parthenon Realty, an Atlanta-based real estate services firm, was instrumental in the transaction and will lease and manage the office space for VEF Advisors. The addition of the CarrAmerica portfolio nearly doubles the amount of space that Parthenon leases and manages in metro Atlanta. Atlanta-based VEF Advisors LLC, formerly part of Lend Lease Real Estate Investments Inc., is a privately...