Lincoln Property Co., a real estate service firm based in Dallas, purchased the Atlanta office tower 55 Allen Plaza on behalf of a pension fund client, Teachers Retirement System of the State of Illinois, for $57 million.
The Class-A tower on the city’s downtown’s northern edge boasts 350,000 sq. ft. It opened in 2007. The building was auctioned on the Fulton County Courthouse steps this week.
For the buyer, it represents a bargain, since the project, with an original cost exceeding $100 million, had a Bank of America note of $83 million.
Developer Hal Barry encountered financial difficulty after the nation’s economic downturn and credit crisis.
The tower’s location offers easy access to Atlanta’s in-town markets. Tenants are surrounded by amenities including restaurants, the W-Atlanta Downtown Hotel & Residences, shopping and Centennial Olympic Park.
“55 Allen Plaza is a top-quality office tower with unparalleled access and name recognition,” said Tony Bartlett, senior vice president of Lincoln’s Southeast Region. Its tenant roster includes Ernst & Young, Skanska, Cushman & Wakefield and ASD.
Lincoln will focus on leasing the remaining 80,000 sq. ft. of available office space in the tower.