A joint venture between Cousins Properties and Bank of America Corp. has sold an Atlanta office building for a record $436 million, or $348 per sq. ft.
California-based real estate investment firm BentleyForbes has agreed to buy the Bank of America Plaza. The 55-story, 1.25 million sq. ft. building is the tallest office building in the U.S. outside of New York and Chicago.
The deal sets a new record for the Atlanta office sales market. According to SNL Financial, this $436 million sale will set anew record for single-building office sales in Atlanta. The former record was achieved in 1989, when Sumitomo Life Realty spent $300 million for the One Atlantic Center office building.