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Hometown Investor Will Pay $107 Million for Alpharetta Office Portfolio

Bridge Office Buying Royal Centre from New York Life, Dilweg Cos.
February 6, 2018
It's not quite a royal flush, but the pending sale of three of the four Royal Centre buildings in Alpharetta looks like a winning hand for all players.

Bridge Office of Atlanta has contracted to acquire Royal Centre Two, Three and Four for approximately $107 million, or nearly $171 per square foot. The three buildings, owned by New York Life Insurance Real Estate Investors and Durham, NC-based Dilweg Cos., comprise a total of 626,506 square feet of Class A office space. Royal Centre One, owned by Velocis of Texas, is not part of the portfolio.

Late last year, New York Life tapped the Cushman & Wakefield team of David Meline and Stewart Calhoun to market the final three buildings at Royal 400 office park at Great Oaks Way and North Point Parkway.

New York Life and Dilweg acquired the three-building portfolio at Royal 400 in 2015 for $85.25 million, or about $136 per foot.

Opus South developed Royal 400 in the late 1990s into 2000. The development, spearheaded by the late John O'Keefe of Opus, offered some of the first 50,000-square-foot floorplates in Atlanta's North Fulton submarket.

For Bridge Office, a subsidiary of Utah-based Bridge Investment Group, the acquisition of the Royal Centre portfolio marks the company's continued growth in metro Atlanta and beyond. In January, Bridge Office closed on a 13-building portfolio from Piedmont Office Realty Trust. At that time, Bridge Office CEO Jeff Shaw said his company continues to seek acquisitions in Atlanta and across the country.

The sale of Royal Centre Two, Three and Four is expected to close in early March.

Tony Wilbert, Atlanta Market Reporter  CoStar Group   
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