Banyan Street Capital, Oaktree Purchase 32-Story Office Tower in Buckhead for $137.5M

ATLANTA — A joint venture between Banyan Street Capital and funds managed by Oaktree Capital Management LP have purchased Atlanta Plaza, a 631,808-square-foot office tower in Atlanta’s Buckhead district, for $137.5 million. The 32-story tower recently underwent $7.5 million of upgrades and renovations, which led to nearly 200,000 square feet of leasing activity over the past two years. Atlanta Plaza’s major tenants include the regional hub for Salesforce.com, Rubicon Global and the corporate headquarters for RentPath. Banyan Street and Oaktree are planning an additional $6 million in common area improvements to the main lobby, tenant elevator landings and corridors, elevator cabs, retail concourse and building signage. The joint venture has retained Chris Port, Nicole Goldsmith and Katherine Lynch of CBRE to lease the asset. Will Yowell, Justin Parsonnet, Jay O’Meara and Ryan Reethof of CBRE represented the seller in the transaction. Jeff Ackemann, Jonathan Rice and Porter McDonald of CBRE’s Debt & Structured Finance team sourced acquisition financing on behalf of Banyan Street and Oaktree. Banyan Street will manage the property directly.