Buckhead-based Regent Partners LLC is closing in on buying the “King” and “Queen” towers in Sandy Springs, according to a story today by the Atlanta Business Chronicle.
|The King and Queen towers at Concourse Corporate Center|
formed a partnership with GEM Realty Capital Inc., a private equity firm based in Chicago, to acquire Concourse Corporate Center, the 2.1-million-square foot development that’s home to the “King” and “Queen” buildings towering over Georgia 400 at Interstate 285, according to the ABC report.
Owner TIAA-CREF put the development up for sale earlier this year. It is located just off both GA 400 and I-285 and local arteries Hammond Drive and Peachtree Dunwoody Road.
Regent and GEM are said to have the mixed-use project under contract and would buy it for just over $300 million, people familiar with the process reportedly told the ABC. The deal could close sometime in the third quarter.
Concourse was developed in the late 1980s and early 1990s by Blaine KelleyJr.’s The Landmarks Group, along with TVS Design and Hardin Construction. It was a forerunner to the wave of suburban Atlanta mixed-use office developments that included Galleria, Northpark Town Center and Ravinia.
The Business Chronicle reports that GEM and Regent have made a run at several high-profile buildings in the past two years, including Midtown’s Campanile and Promenade towers.