Lindbergh Center buildings are sold
Norcross-based Wells Real Estate Investment Trust II has completed its second major transaction with AT&T, the purchase of the telecommunications giant’s two Lindbergh Center office buildings, which AT&T plans to lease back.
The 14-story buildings are near Piedmont Road and Lindbergh Drive in Buckhead on land owned by MARTA.
Although the sale price was not disclosed, it was expected that Wells paid more than $265 million, based on the size and age of the properties. The buildings total 955,000 square feet and were completed in 2002.
In May, Wells paid $286 million for AT&T’s five buildings at Lenox Park. Those buildings totaled more than 1 million square feet and are 10 years older than the Lindbergh Center buildings.
Boutique hotels eye land near Roxy
According to published reports, boutique hotel chains are seriously looking at a parcel of land next to the Roxy Theater on Roswell Road and a stone’s throw from The Streets of Buckhead development.
The land is owned by Aaron Rents Inc. CEO Robin Loudermilk and totals about 1.5 acres.
Loudermilk claims he isn’t actively marketing the parcel but interest in Ben Carter’s Streets of Buckhead project has fueled interest in his parcel. He has previously expressed a desire to build a 15- to 18-stgory hotel on the site.
Reportedly the interest has come from Starwood Hotels & Resorts Inc., Kimpton Hotel & Restaurant Group Inc. and others. All have been boutique-style hotel chains.