Thursday, January 31, 2008

AT&T Completes $242 Million Sale Leaseback of Two Office Towers in Atlanta

Atlanta Journal & Constitution - January 31, 2008

A German real estate investment company purchased two former BellSouth buildings - Midtown I and II.

KanAm Grund paid $242 million for the buildings at 754 and 725 Peachtree St., according to Databank. That equates to about $304 a square foot.

AT&T put the buildings on the market last year after acquiring BellSouth in December 2006. The office space is being leased back to AT&T and is full.

Gregory Moore, president of KanAm Grund America, said AT&T's long-term lease and Midtown's bright future made the property attractive.

"We like the way that Midtown Mile is developing," Moore said. The two buildings are KanAm Grund's first Atlanta acquisitions. CB Richard Ellis brokered the deal.

Last summer, a Chicago company bought the prominent Midtown building Campanile, formerly the headquarters of BellSouth, for nearly $98 million. Sphere: Related Content

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