Investor Sets New Course for Signature Midtown Asset
Atlanta, GA – January 5, 2016 – Shorenstein Properties LLC, a private real estate investment firm and fund sponsor engaged in the ownership of high quality office and mixed-use properties nationwide, has acquired Bank of America Plaza, a 55-story Class A office building which dominates the skyline in Atlanta’s Midtown market.
Built in 1992 and located at 600 Peachtree Street, NE, Bank of America Plaza totals 1.3 million square feet of Class A office space in column-free floor plates that range from 20,000 to 25,000 square feet. The building has a connected parking garage with more than 1,200 parking spaces and access to an additional 204 spaces in a nearby garage.
Bank of America Plaza currently stands 45 percent leased but has historically maintained occupancy levels above 90 percent. Shorenstein plans to invest additional capital to make immediate improvements to the lobby and amenity areas, as well as undertake additional cosmetic upgrades and deferred maintenance.
“Bank of America Plaza is a top quality corporate location with exceptional transit access and close proximity to the campus of Georgia Tech, one of the country’s leading public research institutions. This acquisition affords us the opportunity to strategically invest capital and utilize our strong asset, leasing and property management expertise to reposition the building within its market and ultimately add value,” said Matt Knisely, managing director, capital transactions.
This acquisition was made on behalf of Shorenstein Realty Investors Eleven, a $1.22 billion commingled fund formed in 2014.
About Shorenstein Properties LLC
Founded in 1924, Shorenstein Properties LLC is a privately-owned, real estate firm active nationally in the ownership and management of high-quality office properties, with offices in San Francisco and New York. Starting in 1992, Shorenstein has sponsored eleven closed-end investment funds with total equity commitments of $7.9 billion, of which Shorenstein committed $648.5 million. Shorenstein uses its integrated investment and operating capabilities to take advantage of those opportunities which, at the particular time in the investment cycle, offer the most attractive risk-adjusted returns. Investments have included ground-up developments, asset repositioning and stabilized assets; investment structures have included asset acquisitions, mezzanine loans, preferred equity investments and structured joint ventures. These funds have invested in properties totaling 59.8 million square feet in transactions with a gross investment value in excess of $14.1 billion.