In 2003, a Hines team with GE Capital, led by Bob Voyles, purchased Ashford Perimeter, a 288,000 square-foot office building for $132/s.f. Strategically located at the corner of Ashford Dunwoody Road and Interstate 285 in the Central Perimeter District, Atlanta’s largest submarket, Ashford Perimeter, a six-story building which was originally completed in 1983, had floor plates averaging 48,000 square feet and a large enclosed atrium. Parking for 843 cars is provided in a four-level adjacent garage and 126 additional spaces are provided on a surface lot. The strategy behind the acquisition was to strengthen leasing, and take advantage of future GDOT improvements at adjacent interchange that would enhance accessibility and thereby value of the asset. Building was sold in 2006 in rising investment market for a substantial profit.
- Favorable Acquisition Price: Purchased asset at 70% of replacement cost.
- Value Add Capital Strategy: Completion of capital improvements repositioning the building to Class A.
- Aggressive Leasing: Extended lease term on key tenant leases.
- Local Market Expertise: Secured commitments on planned GDOT
- Well-Timed Market Sale: Sold to Behringer-Harvard in 2006 for $147/s.f.