Finance REITs
July 2, 2008
By: Denise L. Meyer, Contributing Correspondent
Wells Real Estate Investment Trust II has acquired Lindbergh Center, a groundbreaking, transit-oriented development in Atlanta’s Buckhead area, in a sale-leaseback from AT&T.
Terms of the acquisition were not announced. The deal is Wells REIT II’s second acquisition from AT&T in Buckhead in as many months. This spring the REIT acquired five buildings at nearby Lenox Park from the telecommunications giant.
Lindbergh Center (pictured) includes twin 14-story, Class-A office buildings connected by a four-story atrium, totaling 955,000 square feet. It is located at Piedmont Rd. and Lindbergh Dr., adjacent to the Lindbergh station, a transfer point and the second-busiest station on MARTA, Atlanta’s rapid rail system. Built in 2002, Lindbergh Center was designed to position AT&T (then BellSouth) employees in progressive, accessible new developments adjacent to MARTA rail stations.
"We have a great relationship with AT&T," Keith Willby, senior vice president, acquisitions, Wells Real Estate Funds told CPN today. "We acquired a very attractive five-building office campus from them, close by in Atlanta, earlier this spring, and their company is also a tenant in several Wells properties nationwide. That relationship helped us forge a deal that really worked for both sides."
In a prior statement, Wilby said, “This property has proven to be ahead of its time. They had the vision to locate by accessible mass transit--and with soaring gas prices and increasing sensitivity to the environment, properties like this are now extremely desirable.”
Lindbergh Center is part of Lindbergh City Center, a 47-acre mixed-use development. The award-winning, transit-oriented development has become a model for transit systems throughout the nation. The property is in proximity to Interstate 85 and Georgia 400.
AT&T Services Inc. will continue to occupy 100 percent of the property under a new lease from Wells through 2020.
The property was marketed by CB Richard Ellis Inc.
CPN has reported on a number of deals in Atlanta in the past week, including Grubb & Ellis Realty Investors’ acquisition 3100 River Exchange, a 220-unit residential complex; Silver-McCann Apartment Group II's acquisition of Villas at South Point Apartments in Atlanta; and a $50 million redevelopment of the 28-story hotel into the new W Atlanta-Midtown.
By: Denise L. Meyer, Contributing Correspondent
Wells Real Estate Investment Trust II has acquired Lindbergh Center, a groundbreaking, transit-oriented development in Atlanta’s Buckhead area, in a sale-leaseback from AT&T.
Terms of the acquisition were not announced. The deal is Wells REIT II’s second acquisition from AT&T in Buckhead in as many months. This spring the REIT acquired five buildings at nearby Lenox Park from the telecommunications giant.
Lindbergh Center (pictured) includes twin 14-story, Class-A office buildings connected by a four-story atrium, totaling 955,000 square feet. It is located at Piedmont Rd. and Lindbergh Dr., adjacent to the Lindbergh station, a transfer point and the second-busiest station on MARTA, Atlanta’s rapid rail system. Built in 2002, Lindbergh Center was designed to position AT&T (then BellSouth) employees in progressive, accessible new developments adjacent to MARTA rail stations.
"We have a great relationship with AT&T," Keith Willby, senior vice president, acquisitions, Wells Real Estate Funds told CPN today. "We acquired a very attractive five-building office campus from them, close by in Atlanta, earlier this spring, and their company is also a tenant in several Wells properties nationwide. That relationship helped us forge a deal that really worked for both sides."
In a prior statement, Wilby said, “This property has proven to be ahead of its time. They had the vision to locate by accessible mass transit--and with soaring gas prices and increasing sensitivity to the environment, properties like this are now extremely desirable.”
Lindbergh Center is part of Lindbergh City Center, a 47-acre mixed-use development. The award-winning, transit-oriented development has become a model for transit systems throughout the nation. The property is in proximity to Interstate 85 and Georgia 400.
AT&T Services Inc. will continue to occupy 100 percent of the property under a new lease from Wells through 2020.
The property was marketed by CB Richard Ellis Inc.
CPN has reported on a number of deals in Atlanta in the past week, including Grubb & Ellis Realty Investors’ acquisition 3100 River Exchange, a 220-unit residential complex; Silver-McCann Apartment Group II's acquisition of Villas at South Point Apartments in Atlanta; and a $50 million redevelopment of the 28-story hotel into the new W Atlanta-Midtown.
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