The Concourse Corporate Center, the Sandy Springs office park home to the well-known King and Queen towers, has been sold, according to a news release.
Building and Land Technology, a private real estate development and management company, said Thursday it has acquired the site from Atlanta’s Regent Partners, which will continue to manage the complex. The site also includes a development site that in the past has been pitched for apartments.
A sales price was not disclosed, but a price of about $500 million has been reported by Atlanta Business Chronicle, citing unnamed individuals. That price would be among the biggest fetched for an Atlanta commercial property in a decade, though not the highest on an inflation-adjusted basis.
Regent acquired the 64-acre complex in 2012 at the bottom of the market when the recession left the office market near Perimeter Mall with high vacancy rates. But a warming economy and job growth and some corporate relocations have returned the Perimeter Center office market to health.
Mercedes-Benz, State Farm and Atlanta Journal-Constitution-parent Cox Enterprises have launched major expansion projects in the area. Few large blocks of office space are available in the area, leading real estate groups to propose new speculative buildings.
“BLT is excited to own this trophy asset in the fastest growing submarket in Atlanta,” Carl R. Kuehner III, CEO of BLT said in a news release. “Concourse presents a unique opportunity for BLT to increase the value proposition to a currently terrific roster of tenants and attract new tenants in the market. We are attracted by the supply-demand dynamics of the submarket, as well as the opportunity for a new development with uses that complement Class A office space.”
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