Opportunistic Office Investment
Co-investment with private operator
Key facts:
- Location: Atlanta, GA
- CBD Atlanta
- Six office buildings and three parking garages
- 2.3 million sf office; 180,000 sf retail
- Purchase price: $211 million ($82 per sf)
- Acquisition capitalization rate: All equity 6.4%, on in place cash flow
Investment Case:
- Co-investment with private operating group
- EII Realty Corp. acquired 65% stake on behalf of European client in off-market transaction
- Investment Strategy
- EII saw opportunity to invest in re-emerging iconic CBD complex in Atlanta
- Opportunistic: lease up and sell
- Building with full amenity base including subway station and retail mall
- Iconic complex
- Occupancy at acquisition: 63%; current occupancy: 75%
