Atlanta’s royal office towers have new owners

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Atlanta’s royal office towers have new owners

One of the largest office complexes outside the Perimeter has a new owner.

Atlanta-based Regent Partners said Friday it purchased the 2.2 million-square-foot Concourse Corporate Center near I-285 and Ga. 400. The property was purchased for about $300 million from owner TIAA-CREF, which put it on the market earlier this year.

Regent founder David Allman said the company plans to take “substantial steps” to improve the property, which features the “King and Queen” towers whose distinctive tops resemble royal crowns.

Aside from those iconic towers, the complex includes two eight-story buildings, a four-story building and the rights to develop 1.7 million square feet of additional space. The campus also hosts a Westin Hotel and an upscale fitness center.

The complex has an occupancy rate of 83 percent, and Regent president Reid Freeman said he’s confident the remaining space will soon be filled. He noted that it’s been a decade since the last upscale office building has been built in the Perimeter area.

Regent teamed with GEM Realty Capital and Equity Group Investments to seal the deal. It was brokered by CBRE Inc.

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