Behringer Harvard REIT I Inc. announced today its acquisition of two interconnected office towers known as Paces West, in Atlanta, Ga.
The value of the transaction was not disclosed.
One & Two Paces West, which are 14 and 17 stories respectively, provide a total of more than 646,000 square feet of rentable space. Built in 1987 and 1989 on a wooded 9.2-acre site, the towers provide panoramic views of rolling landscapes, the Atlanta skyline, and the Appalachian foothills.
The buildings, located at 2727 Paces Ferry Road SE in Atlanta’s core Cumberland/Galleria micromarket, are served by two multistory parking garages with more than 1,500 covered spaces, and surface parking is available for 152 additional vehicles. On-site amenities include a cafe, a coffee shop, a fitness center, a car detailing service, a dry-cleaning shop and a full-service bank.
At the time of sale, Paces West was 82 percent leased, with five major tenants occupying 51 percent of the rentable space. Major tenants include Piedmont Hospital; Docucorp, an international software company; and BT Americas, a subsidiary of global telecom giant, BT Group.
Behringer Harvard is an investment company that offers a diverse selection of real estate funds reflecting core, value-added and opportunistic investment strategies.
