Atlanta's tallest building purchased by Calif. company | News
ATLANTA -- Atlanta's tallest building has new owners following the purchase by a San Francisco-based company.
The purchaser, privately-owned Shorenstein Properties LLC, announced the acquisition of Bank of America Plaza on Tuesday for an undisclosed price.
At 55-stories and 1.3 million square feet, the building has been a staple of the Atlanta skyline since 1992.
But as the Atlanta Business Chronicle reports, it has been both a symbol of the commercial real estate boom - and the eventual bust.
The building went back to its lender amid the commercial real estate crash and since it's opening, many of its tenants have downsized or relocated.
So in the last quarter of 2015, the previous owner, CWCapital Asset Management put the building up for sale.
Shorenstein Capital said the building currently sits at 45 percent occupancy but has had previous occupancy levels of 90 percent.
“Bank of America Plaza is a top quality corporate location with exceptional transit access and close proximity to the campus of Georgia Tech, one of the country’s leading public research institutions," Matt Knisely of Shorenstein Properties said. "This acquisition affords us the opportunity to strategically invest capital and utilize our strong asset, leasing and property management expertise to reposition the building within its market and ultimately add value."
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