A New Year's Disposition

Teachers Insurance & Annuity Association (TIAA) celebrated the new year by closing on the purchase of the Glenridge Highlands II building in Atlanta's Central Perimeter submarket. Cushman & Wakefield brokers Christopher Marshall and Ralph Smalley represented the Tampa-based Hogan Group in the transaction, which according to published reports, amounted to $72 million. "It's a solid building with a great location and tenancy," said Marshall, referring to Cingular, the anchor tenant that occupies approximately 75% of the building. Cingular is about 2 years into a 20-year lease.