Sunday, August 24, 2008

AT&T Completes $72 Million Sale Leaseback of Atlanta Office Complex

Jones Lang LaSalle Web Site - August 22, 2008

Jones Lang LaSalle announced today it has closed the sale and leaseback of the two-building complex in Atlanta’s Northlake/Lavista submarket for AT&T. Equity Capital Management purchased the 406,292 square foot complex for $72 million.

At closing, AT&T executed a long-term leaseback for for both 2245 and 2247 Northlake Parkway in Tucker, Georgia, signaling its continued commitment to the facility and market.

This transaction marks the first closing within the Jones Lang LaSalle capital markets group by a newly-merged/legacy Staubach team. Managing Directors Jay Koster (New York) and Brad Armstrong (Atlanta) completed this assignment along with Vice Presidents Mike Hochanadel and Chris Wagner. The same transaction team completed the $275.2 million, 1.1 million square foot, sale-leaseback of Lenox Park, located in Atlanta’s Buckhead submarket, for AT&T in May of this year.

The Class-A property is located in the northeast Atlanta metropolitan area in the city of Tucker. It has immediate access to I-285 and is just three miles from the I-85/I-285 junction. Atlanta’s Hartsfield-Jackson International Airport is less than 25 minutes away, and the property is just 15 minutes from Dekalb Peachtree Airport. The building known as 2245 Northlake Parkway has three stories and was built in 1980. The building known as 2247 Northlake Parkway is a 10-story building built in 2000. Combined, the properties have more than 1,500 parking spaces, both structured and surface. Sphere: Related Content

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