Dec. 21, 2016
Sumitomo Corporation of Americas Purchases Atlanta Financial Center in $222.5 Million Deal
Atlanta, GA – December 21, 2016 – Sumitomo Corporation of Americas (SCOA) announced today the close of their purchase of Atlanta Financial Center, which consists of 3 Class A commercial office buildings. With a total of 914,774 square feet, Atlanta Financial Center is physically the largest property that SCOA has purchased to date.
Anchored by Suntrust Bank and Morris, Manning and Martin, Atlanta Financial Center (AFC) is located in the prestigious Buckhead submarket of Atlanta, sitting directly on top of the Buckhead MARTA train station which connects the building to Midtown, Downtown and the Airport, while the Georgia 400 highway runs directly underneath. Additionally, the property sits in the heart of Buckhead’s highly affluent retail center that includes the Lenox Square mall and Phipps Plaza mall, as well as several high-end dining options. SCOA worked with an investment sales team at Eastdill Secured to complete the transaction
The property currently boasts an 85% occupancy level across its three towers and a nine-level parking garage with 2,335 parking spaces.
SCOA plans to implement renovations that will create a more energy efficient property and raise its profile to the top of the building’s Class A set.
“We are very pleased to have completed this deal and are excited about the future prospects of Atlanta Financial Center. With the planned upgrades in common areas, amenities, building systems and equipment, and the re-landscaping of a park on-site, we believe we will be successful in increasing the desirability among tenants and situate AFC as one of the best buildings in Atlanta,” said Antonios Souris, Manager of Acquisitions and Asset Management in the Commercial Real Estate Unit at Sumitomo Corporation of Americas.
Although SCOA has a long history in real estate investments and development in the Atlanta metropolitan region, the acquisition of AFC is its first commercial office building investment in Atlanta. Over the past 30 years SCOA has invested in and developed residential communities such as Medlock Bridge and Hamilton Mill, as well as several apartment complexes; its newest investment being, The Heights, a new apartment complex in Atlanta’s Central Midtown area.
About Sumitomo Corporation of Americas
Established in 1952 and headquartered in New York City, Sumitomo Corporation of Americas (SCOA) has 8 offices in major U.S. cities. SCOA is the largest subsidiary of Sumitomo Corporation, one of the world’s leading traders of goods and services. As an integrated business enterprise, the firm has emerged as a major organizer of multination projects, an expediter of ideas, an important international investor and financier, and a powerful force for distribution of products and global communications through a network of offices worldwide.
Sumitomo Corporation of Americas has almost 30 years of real estate investment and development experience in the U.S. With investments in commercial office buildings, multi-family communities, planned developments and single family homes, the Company maintains a diverse and balanced real estate portfolio. Throughout the years, SCOA has been an active investor in the commercial market, acquiring and selling properties in New York, San Francisco, Washington D.C., Los Angeles, Phoenix, Tempe and Miami. SCOA’s current office building investments include 450 B Street in San Diego, acquired in 2013, 203 North LaSalle in Chicago, acquired in 2014, and now Miami Tower and Atlanta Financial Center in 2016.