Barry Real Estate Cos. has teamed up with an affiliate of Rubenstein Properties Fund LP to acquire some 3 million square feet of class-A office space in the central Perimeter market from Equity Office Properties Trust, marking Rubenstein’s first investment in the Atlanta market.
Atlanta-based Barry will manage and lease the properties.
The deal includes office assets, several redevelopment properties and two parcels that are ground leased. The office assets include The Terraces across from Perimeter Mall, 7000 Central Park, Sterling Pointe I & II and 64 and 66 Perimeter Center East.
The deal between Philadelphia-based Rubenstein and Chicago-based Equity actually included about 3.5 million square feet, but Rubenstein Partners turned around and sold about 500,000 square feet to two buyers—245 Perimeter Center to Novare Development Group and 9000 Central Park to a joint venture of Ackerman & Co. and AEW Capital Management LP.
Rubenstein noted that half of the portfolio offers “significant redevelopment options for new commercial, residential, retail and hospitality properties.