ATLANTA — An affiliate of Lone Star Funds has acquired 55 Allen Plaza, a Class A office building totaling 342,854 square feet in Atlanta’s Innovation Corridor. The purchase price was not disclosed.
Completed in 2007 and anchored by professional services firm Ernst & Young, the 14-story property includes a recently constructed tenant lounge and conference center, as well as an innovation lab. It is situated at 55 Ivan Allen Jr Blvd., less than a mile from the World of Coca-Cola, the Georgia Aquarium and Centennial Olympic Park.
Richard Reid, Ryan Clutter, Ralph Smalley and Huston Green of JLL represented the seller, a state pension fund advised by Lincoln Property Co. Ed Coco and Matt Casey of JLL arranged a five-year, floating-rate acquisition loan on behalf of the buyer through NXT Capital.
In 2011, the property traded hands for $57 million, according to the Atlanta Business Chronicle.
Lone Star is a private equity firm advising funds that invest globally in real estate, equity, credit and other financial assets. Since 1995, the firm has organized 20 private equity funds with aggregate capital commitments totaling approximately $85 billion.
— Kristin Hiller and Alex Tostado