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The King & Queen Buildings Find a (Local) Buyer And Other Good News

The iconic skyscrapers that put the Perimeter area on the map and presaged the submarket's rise as one of Atlanta's most important office and commercial districts have found a buyer, and a local one at that. As noted in April, the city's commercial real estate investment market got a boost when TIAA-CREF decided to sell the buildings, indicating Atlanta's rise from the doldrums of the real estate crash in the eyes of institutional real estate investors. And though buyers Regent Partners LLC (with financial partner GEM Realty Capital, Inc.) are reportedly paying slightly over $300 million, significantly less than the $350-400 million originally speculated, the news is good for the city on a couple of levels. First, that Regent- the Atlanta real estate development and investment firm behind a plethora of large, high-profile projects in town- is the buyer (buy local, right?). Second, and more importantly, it's another instance of capital sources (in and out of town) willing to make bets on Atlanta's office market, and thereby, its economic prospects generally. This was not the case for a prolonged period following the unpleasantness of 2008.

· 'King and Queen' project goes under contract [Atlanta Business Chronicle]