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Monday, 24 June 2013

Highwoods Pays $140.1Mln for Atlanta's One Alliance

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Highwoods Properties has paid $140.1 million, or about $253.34/sf, for One Alliance Center, a 553,017-square-foot office building in Atlanta. The property was sold by Orix Capital Markets through CBRE. Credit Suisse expects the sale to result in $45 million of losses to the CMBS deal that held a $165 million loan against the 20-story building.

Commercial Real Estate Direct Staff Report

Highwoods Properties Inc. has paid $140.1 million, or about $253.34/sf, for One Alliance Center, a 553,017-square-foot office building in Atlanta.

The Raleigh, N.C., REIT bought the building from Orix Capital Markets, which had offered it through CBRE as part of an effort to dispose of distressed assets on its balance sheet and that it manages on behalf of CMBS trusts.

One Alliance was collateral for a $165 million mortgage that was securitized through LB-UBS Commercial Mortgage Trust, 2007-C2. The building is next to the 491,300-sf Two Alliance Center in Atlanta's Buckhead area that Highwoods purchased last year for $146.7 million, or nearly $300/sf.

The price that Highwoods paid for One Alliance compares with the building's September 2011 appraisal of $80 million.

Despite the better-than-expected sales outcome, investors in...


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“The Weekly” is Commercial Real Estate Direct’s PDF newsletter, sent to subscribers every Friday morning. With over 100 news stories published on Commercial Real Estate Direct each week, “The Weekly” features the top stories in commercial real estate that industry participants need to know first. “The Weekly” also contains:

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Additional Info

  • Syndicate to Realpoint: No
  • Cities: Atlanta
  • States: Georgia
  • Sector: Office
  • Subject: Property Acquisitions (ACQ)
  • Valuation: Between $100 million and $150 million
  • Private: No
Read 809 times Last modified on Tuesday, 25 June 2013
Dan Moynihan

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