Iconic "King" and "Queen" Towers Sold in Almost $500 Million Deal
Friday, April 24th, 2015
Building and Land Technology, a privately held, vertically integrated real estate private equity, development and property management firm, announced the acquisition of the landmark Concourse Corporate Center, home to Atlanta’s iconic “King and Queen” towers, and a prime parcel of developable land.
BLT plans to invest in further enhancements of the trophy site in order to reinforce and solidify Concourse’s reputation as the premier office project in the Perimeter submarket. Initiatives will include enhancements to lobbies and public spaces, restrooms, and other common areas, and additional capital for pre-built spec suites and tenant improvements. Atlanta-based Regent Partners will continue as leasing and managing agent on behalf of BLT.
Carl R. Kuehner, III, CEO of BLT said: “BLT is excited to own this trophy asset in the fastest growing submarket in Atlanta. Concourse presents a unique opportunity for BLT to increase the value proposition to a currently terrific roster of tenants and attract new tenants in the market. We are attracted by the supply-demand dynamics of the submarket, as well as the opportunity for a new development with uses that complement Class A office space.”
Concourse’s 2.2 million-square-foot “King and Queen” buildings are 91 percent occupied. A surge in demand for Central Perimeter office space over the last two-and- a-half years drove investor interest in the property and its development site, which is zoned to accommodate dense retail, office and residential uses.
Boosted by the high-profile headquarters wins of Mercedes-Benz USA and State Farm Insurance Co., the Perimeter submarket today has the lowest vacancy rate of any major Atlanta submarket. There is no new multi-tenant office building construction underway and there is a significant demand for larger blocks of office space. As a result, ownership is working on creating a rare 75,000 sf block of space available in the King and Queen towers, seeking to fulfill the requirements of major users in the market.
David Allman, Chairman of Regent Partners, said: “We are delighted to be working with BLT in our continuing efforts to further boost the prestige of the iconic King and Queen towers. BLT brings both capital and operating expertise to the table, and we bring outstanding leasing and management services in the local market. These are best-in-class properties in an amenity-rich office park, and our plans will further enhance them.” Concourse’s undeveloped land and close proximity to several MARTA rail stations offer significant opportunities to create value and continue to improve Concourse’s offerings as urbanization continues.