Project: Atlanta Financial Center
Location: Buckhead Atlanta Submarket
In early 2001, Bob Voyles and Randy Holmes led a local 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 (GEAM) for $160/square foot.
AFC’s tenants included Robinson-Humphrey, Morris, Manning & Martin (one of Atlanta’s largest law firms), PeopleSoft, and 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 Buckhead in Atlanta, offering outstanding visibility from the major thoroughfares. Hines and GM recently sold this project in December 2016 for $233 million.
- Solid Acquisition Pricing: Purchased asset at 75 percent 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 percent of the building.
Mike Romo, Founder and Managing Principal, Valencia Capital Management
“Bob Voyles and Randy Holmes provided tremendous leadership and focus with all aspects of the due diligence, closing, operations and leasing at Atlanta Financial Center. They consistently viewed every key decision from the perspective of an owner and showed great insight as to value creation strategies.”