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One Buckhead Plaza

Atlanta, Georgia

Historical Transaction

NRSF: 466,148
Total Capital: $133.6 million
Equity Invested: $48.6 million
Status: Sold
Realized Multiple: 1.6x
Realized IRR: 20%

One Buckhead Plaza is a 20-story Class A office tower (“One Buckhead”) located in the Buckhead submarket of Atlanta, GA. The office tower was developed by Taylor Mathis and was initially conceived as the cornerstone of a 3 million square foot mixed-use development. The property offers tenants an exceptional amenity package with over 41,000 square feet of retail/restaurant space including Chops and Nava, two of top 5 grossing restaurants in Atlanta. Entered into a joint venture post-acquisition with an offshore investment firm, and sold remaining interest to the joint venture partner in January 2008.

Opportunity

• Off-market transaction – signature asset with surrounding planned development in retail and high-end hotels (St. Regis) driving dramatically improving location.
• Leverage flexibility of the building’s floor plate with 12 corner offices, as well as its prominent Buckhead address, to focus on tenant diversification by size and profile.
• Leverage One Buckhead’s close proximity to prominent upscale housing to effectively market to family offices and investment managers.

Value Enhancement Strategy

• Continued to focus on diversification of tenant mix and retention of such tenants.
• Increased occupancy to 92% and weighted average lease term to 6 years upon disposition.