JLL closes sale and financing of trophy office in Atlanta
55 Allen Plaza is a Class A office building in Atlanta’s growing Innovation Corridor
ATLANTA, March 17, 2020 – JLL Capital Markets announced today that it has closed the sale and financing of 55 Allen Plaza, a trophy office building totaling 342,854 square feet in Atlanta, Georgia.
JLL represented the seller, a state pension fund advised by Lincoln Property Company, and procured the buyer, an affiliate of Lone Star Funds, the global private equity firm. Additionally, JLL worked on behalf of the buyer to secure the five-year, floating-rate acquisition loan through NXT Capital.
55 Allen Plaza is positioned within Atlanta’s Innovation Corridor, which has seen expansive development growth and leasing velocity in recent years. The property has a highly visible and accessible location along the I-75/I-85 Connector, close to Georgia Tech and Tech Square, and a growing talent pool in the neighborhoods of Old Fourth Ward, Edgewood and Atlanta’s Westside. Completed in 2007 and anchored by Ernst and Young, 55 Allen Plaza boasts superior amenities, including a recently constructed tenant lounge and conference center, as well as a state-of-the-art innovation lab.
The JLL Capital Markets team representing the seller was led by Senior Managing Directors Richard Reid and Ryan Clutter and Managing Directors Ralph Smalley and Huston Green.
JLL’s Capital Markets team representing the borrower was led by Senior Managing Director Ed Coco and Director Matt Casey.
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization. The firm has more than 3,700 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $18.0 billion, operations in over 80 countries and a global workforce of more than 93,000 as of December 31, 2019. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Lincoln Property Company
Lincoln Property Company is an international real estate firm offering a comprehensive suite of value-added services for its clients. With its substantial local presence in each of the markets the firm serves, Lincoln ideally situates its offices to clientele: tenants, investors, lenders, and owners of real estate.
About Lone Star
Lone Star is a leading private equity firm advising funds that invest globally in real estate, equity, credit and other financial assets. Since the establishment of its first fund in 1995, Lone Star has organized twenty private equity funds with aggregate capital commitments totaling approximately $85 billion. For more information, go to lonestarfunds.com.
About NXT Capital
NXT Capital’s Real Estate Finance group primarily serves experienced real estate investors. It provides non-recourse floating rate first mortgages of $15 million to $75 million on value-add transactions. NXT Capital provides structured financing solutions through its Real Estate Finance and Corporate Finance groups, originating transactions on a national basis. Lending/financing services provided by NXT Capital, LLC. Loans will be arranged or made pursuant to a California Financing Law License. See nxtcapital.com.