ALPHARETTA, GA. — Rubenstein Partners LP, along with a minority equity partner, has purchased Sanctuary Park, a 1.6 million-square-foot office park complex located in the northern Atlanta suburb of Alpharetta, for $265 million. The joint venture purchased the asset from J.P. Morgan. (NYSE: JPM), according to the Atlanta Business Chronicle. Sanctuary Park has been institutionally owned, developed and maintained for nearly 20 years. The property comprises nine mid-rise buildings within a 152-acre, master-planned campus, which features three zoned development sites that can accommodate an additional 750,000 square feet of build-to-suit office space. Sanctuary Park is currently 96 percent leased to tenants that include Delta Dental Insurance, Coca-Cola, Ernst & Young, Ciena Corp., LeasePlan and Verizon Wireless. Verizon is expected to vacate its office space at the campus in the near future, which will lower Sanctuary Park’s occupancy to approximately 75 percent. “Sanctuary Park is exactly the kind of unique value-add opportunity Rubenstein Partners seeks out,” said Taylor Smith, regional director of the Southeast for Rubenstein Partners. “The Class A property is generally regarded as the top office park in North Fulton, and we are thrilled to complete the acquisition of this asset. We believe Verizon’s departure created an opportunity for …
