Southeast Real Estate Business

DEC 2016

Southeast Real Estate Business magazine covers the multifamily, retail, office, healthcare, industrial and hospitality sectors in the Southeast United States.

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Southeast Real Estate Business • December 2016 • 19 TROPHY OFFICE GOT TOP BILLING TOP DEALS from page 1 The No. 6 investment sale in 2016 was Rubenstein Partners and AIG's $265 million purchase of Sanctuary Park, a 1.6 million-square-foot office park in Alpharetta, Ga. involve foreign buyers," says Cas- sidy. Three of the top five office transac- tions in Washington, D.C., this year featured foreign buyers, a trend that Cassidy says is rooted in a conver- gence of factors. Although the office market has suffered in recent years due to downsizing law firms and government sequestration, Washing- ton, D.C., is still an attractive long- term investment and is viewed as a relative bargain compared to New York and San Francisco. "We're generally a liquid market and the lot size is generally smaller than other targeted [gateway] cit- ies," says Cassidy. "The Brexit effect has also increased the flow of over- seas capital into the United States as groups are bypassing the UK and exploring markets other than New York City. For the first time in my ca- reer we are seeing every denomina- tion of foreign capital represented all simultaneously, be the monies from Canada, Europe, the Middle East or Asia." The top 20 single-property invest- ment sales in the Southeast featured five office transactions in the metro Washington, D.C., area. Additionally, 12 of the transactions involve office buildings around the Southeast. The following are the top 20 single- property transactions in 2016 (sales data courtesy of Real Capital Analyt- ics): 1. One Atlantic Center Price: $318.1 million Property Type: Office Address: 1201 W. Peachtree St. N.W., Atlanta Size: 1.1 million square feet Year Built/Renovated: 1987/2016 Buyer(s): Starwood Capital Group, Core Property Capital Seller(s): Hines 2. Hilton Washington Price: $305.5 million Property Type: Hotel Address: 1919 Connecticut Ave. N.W., Washington, D.C. Size: 1,070 rooms Year Built/Renovated: 1965/2013 Buyer(s): Oaktree, Clearview Hotel Capital LLC Seller(s): Lowe Enterprises, Canyon Partners 3. Palms at Town & Country Price: $285 million Property Type: Retail Address: 8268 Mills Drive, Miami Size: 667,757 square feet Year Built/Renovated: 1984/2010 Buyer(s): Weingarten Realty Seller(s): TIAA-CREF 4. Metropolitan Square Price: $282.4 million Property Type: Office Address: 655 15th St. N.W., Washington, D.C. Size: 587,050 square feet Year Built/Renovated: 1982/NA Buyer(s): Blackstone Seller(s): Boston Properties, NYSCRF 5. 191 Peachtree Tower Price: $267.8 million Property Type: Office Address: 191 Peachtree St. N.E., Atlanta Size: 1.2 million square feet Year Built/Renovated: 1990/2006 Buyer(s): Banyan Street Capital, Oaktree Seller(s): Cousins Properties 6. Sanctuary Park Price: $265 million Property Type: Office Address: 1150 Sanctuary Parkway, Alpharetta, Ga. Size: 1.6 million square feet Year Built/Renovated: 1996/NA Buyer(s): Rubenstein Partners, AIG Seller(s): JP Morgan Visit northmarq.com for daily rates, expert views, recent transactions and more! B A L T I M O R E W A S H I N G T O N D C R I C H M O N D C H A R L O T T E R A L E I G H A T L A N T A J A C K S O N V I L L E T A M P A O R L A N D O M I A M I B O C A R A T O N L O U I S V I L L E As the nation's largest privately-owned servicer and provider of commercial real estate debt and equity, NorthMarq Capital has the strength and stability to execute transactions with certainty and deliver results that suit even the most unique needs. Your real estate financing should be built on "when"... not "if."

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