Clarion Partners sold The Lenox Building in the Buckhead area of Atlanta to South Florida-based Parmenter Realty Partners for $59.3 million or $170 per square foot.
The Retail Property Trust traded the 19-story office tower to Clarion for $71 million or $204 per square foot in spring 2000.
The Lenox is a 348,152-square-foot Class A property at 3399 Peachtree Road NE.
The structure is attached to Lenox Square Mall and the 370-room JW Marriott Hotel.
The buyer signed a tenant to 9,000 square feet during the deal’s due diligence period.
“This lease is indicative of the rebounding market, and we are excited to make our entrance into Buckhead with one of the finest Class A buildings available,” said Andrew Weiss, COO of Parmenter.
The company plans to upgrade the property and relocate its headquarters to the tower this year.
Parmenter’s acquisition team consisted of John Davidson, Michael Holmes and Reginald Macke. Cushman & Wakefield’s Southeast Capital Markets Group represented Clarion. Cushman & Wakefield Sonnenblick Goldman arranged the financing, which was provided by GE Capital Real Estate.
See CoStar COMPS #2273774 for more information.