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Transwestern in Line to Lease, Manage Three Alliance Center

Big Win on Horizon for Local Office of Texas-based Real Estate Services Firm
December 29, 2017
As 2017 winds down, Transwestern's Southeast office is poised to win a landmark assignment in Buckhead, just as it did at the beginning of this year.

When the State Board of Administration of Florida and Stockbridge Capital close on the acquisition of Three Alliance Center, the venture is expected to officially hand the leasing and management reins to a Transwestern team led by Greg Frankum. Companies including CBRE Group received word this week that Transwestern won the assignment, according to brokers who competed but did not win.

That means Transwestern's office would start 2018 the same way it started 2017 - with a new marquee leasing assignment in Buckhead. In January 2017, Sumitomo Corporation of Americas awarded Transwestern the contract to market and lease AFC (formerly known as Atlanta Financial Center), a three-building, 914,774-square-foot complex on Peachtree Rd. in the heart of Buckhead.

The choice of Transwestern at Three Alliance will raise eyebrows because CBRE is set to move its main Atlanta office to the building in 2019. Some insiders speculated that Transwestern might invest in the property with the State Board of Administration. John Kuczwanski, manager of external affairs, said the State Board typically does not confirm new investments until 30 days after they are made.

As of lunch Friday, the State Board and Stockbridge had yet to finalize the acquisition of Three Alliance from Tishman Speyer, but a deal was close. The sales price is likely to set a local record and be in the $510-$520 a square foot range, or $258 million to $263 million.

Three Alliance Center, a 30-story, 506,647-square-foot high-rise, is the newest addition to the Buckhead skyline. Designed by Mack Scogin Merrill Elam Architects, the tower is instantly recognizable for its faceted-glass wall.

On the leasing side, Transwestern won't have much work to do. Three Alliance is more than 90% leased to companies including Global Payments, State Street Global Advisors, Fried Rogers Goldberg attorneys and co-working company Serendipity Labs.

For its part, Transwestern Vice President Kristine Maggio said her company had no comment.

Tony Wilbert, Atlanta Market Reporter  CoStar Group   
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