DUNWOODY, GA. — Dallas-based corporate development and investment firm KDC has acquired two office buildings totaling more than 1.6 million square feet in Park Center, a 17-acre master-planned, transit-oriented project in the northern Atlanta suburb of Dunwoody.
Park Center Buildings 2 and 3 were acquired in a sale-leaseback deal with insurance giant State Farm, along with approximately 40,000 square feet of retail space, a parking structure with more than 4,000 parking spaces and a 2.6-acre parcel for future development. The price was not disclosed.
Park Center Building 2 was completed in 2020 and comprises 621,000 square feet, including 39,000 square feet of retail space. Park Center Building 3 is a 440,000-square-foot office tower completed in 2021. KDC described the properties as “a state-of-the-arm, Class A office project.”
KDC was the original developer of Park Center. The company purchased the property with its internal capitalization established with an investment by Cadillac Fairview in 2021, along with ongoing ownership and funding from KDC and Compatriot Capital.
Northmarq’s Dallas debt and equity team, including Phillip Askew, Ronald Reese and Charlie Robinson, arranged financing for KDC’s acquisition through its life insurance company relationships.
KDC has begun planning for future phases of Park Center. According to the Park Center website, the development will include 2.2 million square feet of office space and almost 100,000 square feet of retail, restaurants and entertainment at full build-out. Transwestern, a commercial real estate company based out of Houston, manages the property.
— Channing Hamilton