Concourse Office Park selling for nearly $500-million
The strength of the Perimeter Central real estate sub-market showed it’s muscle once again with the sale of the Concourse Office Park for nearly $500 million, close to $200 million more than when the iconic King and Queen towers sold in 2012. The new owners Building and Land Technologies of Stamford, Connecticut, are making this center point of the Perimeter skyline their Georgia market entry. This massive appreciation in value in such a short time frame also signals a return of pricing strength to the Perimeter, the largest office market in Georgia.
Regent Partners, the sellers, had brought the King and Queen building to more than 90 percent occupancy before putting it on the market. The new owners see additional potential in a 4-acre tract at Concourse Corporate Center which is already zoned for further high density, mixed use development.
According to the Atlanta Business Chronicle, the Perimeter area is experiencing it’s strongest period of growth in 25 years. Commercial rents are reaching record levels, and that growth is expected to continue as Mercedes Benz USA, State Farm Insurance, and Cox Communications, among others expand or locate operations and corporate headquarters within the Perimeter area.