ATLANTA — Transwestern Corporate Properties I Investor has agreed to acquire Park Center I in Atlanta through a sale-leaseback arrangement with State Farm Auto Insurance Company.
Park Center I is a 13-story, LEED-certified office tower built atop a seven-level parking garage and features ground-floor retail space.
The 600,000-square-foot building opened late last year and sits on a four-acre parcel at the corner of Hammond Drive and Perimeter Center Parkway, adjacent to the Dunwoody MARTA station.
State Farm staff began moving into the new headquarters in the fourth quarter of 2016. On the broader 17-acre State Farm campus, developer KDC has begun construction on a second building for State Farm, a 670,000-square-foot project.
This transaction follows Transwestern’s recent $825 million purchase of a 2.2 million-square-foot mixed-use campus in Richardson, near Dallas, which is also occupied by State Farm under long-term leases. That Richardson development was likewise built by KDC.
May 31, 2017 Realty News Report. Copyright 2017