Insignia LLC Acquires Paces West Office Complex In Atlanta For $21.75M From CP Group & Farallon Capital

The Paces West office complex, located at 2727 Paces Ferry Road Southeast in Atlanta, GA, has been sold for $21,750,000. This asset, consisting of two 18-story buildings, spans a total of 646,471 square feet, resulting in a price per square foot of approximately $33.64. The office complex was reported to be 85% leased in March but saw its occupancy rate fall below 50% following the departure of Piedmont Healthcare, which vacated 253,246 square feet.

Summary of transaction details:

• Property Type: Office
• Transaction Amount: $21,750,000
• Buyer: Insignia LLC
• Seller: CP Group & Farallon Capital Management
• Square Footage: 646,471
• Price per Square Foot: $33.64

An affiliate of Insignia LLC facilitated the acquisition of the property from CP Group and Farallon Capital Management. The transaction reflects a strategic investment by Insignia LLC in the Atlanta market, highlighting their focus on office properties. The deal involved significant considerations regarding the occupancy rates and leasing status at the time of sale.