CBRE Global Investors has acquired Midtown I & II on behalf of Korea Post. According to Real Capital Analytics, CBRE acquired the property from a joint venture between VEREIT and American Realty Construction Inc. for $260 million. Midtown I & II, also known as AT&T Midtown Center, are two Class A office buildings located in the Innovation District of Midtown Atlanta. The buildings total 794,110 square feet and are fully leased to AT&T.
“Atlanta boasts a diverse economy and continues to attract major corporate users,” said Jeffrey Torto, senior managing director of the U.S. Managed Accounts Group of CBRE. “Atlanta is quickly becoming a technology and data center hub for companies looking to relocate or expand outside of the traditional technological hubs such as Silicon Valley and Austin, Texas.”
AT&T Midtown Center includes the 512,101-square-foot, 16-story Midtown I building at 754 Peachtree St. N.E. and the 282,009-square-foot, eight-story building at 725 W. Peachtree St. N.E.
The office buildings feature a conference and training center, restaurants, a coffee shop and a fitness center. The property also includes a nine-story, 2,459-pace parking garage, which also offers 13,257 square feet of ground-floor retail space and AT&T’s 5,000-square-foot Drive Studio.
The Drive Studio is a platform that allows automakers to add and test connected services such as in-car entertainment centers, over-the-air diagnostic systems and other cellular-enabled features.
This transaction is the second transaction that CBRE Global Investors has executed for Korea Post, a consortium of Korean investors within the United States.
— Christina Cannon