Hines acquires interest in Atlanta high-rise

Holdings in firm's U.S. Core Office Fund now total 13 properties

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Hines-Sumisei U.S. Core Office Fund L.P. (Core Fund) has acquired One Atlantic Center, a skyscraper in Atlanta, Ga. The value of the transaction was not disclosed. The Core Fund, which is an investment vehicle organized by Hines and Sumitomo Life Realty (N.Y.) Inc. to acquire a geographically diverse portfolio of office buildings in the United States, purchased Sumitomo's share of the property. One Atlantic Center is located at 1201 W. Peachtree St. in the midtown submarket of Atlanta's central business district. The property, which was designed by Philip Johnson, consists of a 50-story office building and an 11-story parking structure that were constructed in 1987. The building contains approximately 1.1 million rentable square feet. The property was approximately 81 percent leased to tenants -- including Alston & Bird LLP and Powell Goldstein LLP -- at the time of sale. Hines is a privately owned real estate firm involved in real estate investment, development and property ma...