In early 2001, Bob Voyles and Randy Holmes led a Hines team in the purchase of the 900,000 square foot Atlanta Financial Center (“AFC”), one of Buckhead’s premier mixed-use real estate developments. After extensive negotiations, AFC was acquired by a partnership comprised of Hines and General Motors Asset Management, for $173/s.f.
Atlanta Financial Center’s tenants in the building included Robinson-Humphrey, Morris, Manning & Martin (one of Atlanta’s largest law firms), PeopleSoft, and was also home to the Buckhead Club, one of Atlanta’s premier business dining facilities. This award-winning complex is positioned directly over GA 400 and is the gateway to the financial district of Atlanta Buckhead, offering outstanding visibility from the major thoroughfares.
- Solid Acquisition Pricing: Purchased asset at 75% of then replacement cost.
- Capital Upgrades: Completed $3.5 million in capital projects identified during due diligence.
- Aesthetic Enhancements: Completion of lobby renovations to compete with newly constructed competitive buildings.
- Building Leasing: Implemented and completed program to extend major credit tenant leases of over 25% of the building.
- Asset Value Enhancement: Positioned building for sale in improving investment market (market price in 2006 $275/s.f. or $100M profit).