Tishman Speyer has entered the Atlanta market with the acquisition of a five-property, 3.5 million-square-foot commercial real estate portfolio.
The value of the transaction was not disclosed.
The portfolio, formerly owned by Trizec Properties, was acquired through an assignment of purchase rights from The Blackstone Group. Blackstone had acquired purchase rights through its participation in the acquisition of Trizec by Brookfield Properties.
The portfolio consists of:
- One Alliance Center — a 20-story, 558,000-square-foot, fully leased, class A office tower located in the heart of Buckhead, Atlanta’s most prestigious submarket. The popular Emeril’s Atlanta restaurant is located within the building.
- Two Alliance Center — a to-be-developed 20-story, 500,000-square-foot, class A office building that will complement One Alliance Center in re-shaping the Buckhead skyline.
- A development site for a third Alliance Center office tower.
- One Midtown Plaza and Two Midtown Plaza — adjacent class A office buildings totaling 504,000 square feet, located along Peachtree Street in the thriving Midtown Atlanta business district.
- Colony Square — Completed in 1972, the property includes two class A office towers with a total of nearly 700,000 square feet of space, along with an attached 140,000-square-foot retail mall that is one of Peachtree Street’s favorite shopping destinations. The property has been substantially renovated since its inception.
- Interstate North Office Park — The property consists of 11 buildings on 105 acres, totaling over 950,000 square feet of office space with additional capacity for future development
- Palisades Office Park – a suburban office park featuring four buildings ranging from 110,000 to 262,000 square feet with a total of 630,000 square feet.
Since 1978, Tishman Speyer has built, developed, or acquired more than 145 investments totaling approximately 80 million square feet with a total value of $27 billion across the United States, Europe, and Latin America, with additional developmental and investment initiatives in India and China underway.