ATLANTA (Nov. 20, 2013) - MetLife is set to make a major return to Atlanta's Central Perimeter office market.
The insurance giant, which owned Central Perimeter with Taylor & Mathis before selling it in 1996, has agreed to buy The Terraces, a 1.1 million square-foot office complex adjacent to Perimeter Center, according to today's Real Estate Alert newsletter. The office complex is located in Dunwoody, Ga., in Atlanta-s tightest office market.
The seller is an RBS syndicate, which yanked back the two-building Class A complexa year ago from a Rubenstein Partners team.
MetLife Real Estate Investors will pay $190 million, or $173 per square foot for The Terraces, which now is 93 percent leased, thanks in part to a 300,000-square-foot State Farm deal completed ealier this year. That lease, however, is realtively short term, expiring in 2018.
Eastdil Secured is marketing The Terraces on behalf of RBS, which ramped up markeitng of the complex in September, according to Atlanta Business Chronicle.
It's no surprise Real Estate Alert broke the news about the pending sale. The influential newsletter demands pure exclusivity on all major stories it publishes - and it has the coveted readership to get buyers, sellers and brokers to agree to its terms.
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