CB Richard Ellis Arranges Sale of Two Atlanta Office Buildings for $200 Million; Transaction Marks New Record Sale Price in Atlanta.ATLANTA -- CB Richard Ellis CB Richard Ellis Group, Inc. NYSE: CBG is a multinational real estate corporation currently based in Los Angeles, California, U.S.A.. On December 20, 2006, the corporation, also known as CBRE, completed acquisition of Trammell Crow Co. in a transaction valued at $2. (NYSE NYSE See: New York Stock Exchange :CBG CBG corticosteroid-binding globulin. ) has sold The Pinnacle, a 423,000-square-foot landmark tower in Atlanta, and its neighbor, the 279,000-square-foot Two Live Oak office building. The properties were purchased by New York-based Teachers Insurance and Annuity Association -- College Retirement Equities Fund (also known as TIAA-CREF TIAA-CREF Teachers Insurance and Annuity Association - College Retirement Equities Fund ) from a partnership of Cousins Properties and an affiliate of Maryland-based Stonebridge Associates. The total consideration for the two buildings was $200 million. Of that total, The Pinnacle sold for $145 million, which represents $343 per sq. ft., a record for the Atlanta market. The Pinnacle, a landmark tower in the Buckhead section of Atlanta, is best known for its striking open-arched roof and as the home of the popular Bluepointe restaurant. Its neighbor, Two Live Oak, is 279,000 square feet and has Chubb Group of Insurance Cos. as its lead tenant. CBRE CBRE CB Richard Ellis (real-estate firm) CBRE Chemical, Biological, Radiological and Explosive CBRE Component-Based Reliability Estimation CBRE Coldwell Banker Richard Ellis (Boston, MA) investment brokers Will Yowell, Senior Vice President, Justin Parsonnet, Vice President, and Jay O'Meara, Associate, arranged the sale for Atlanta-based Cousins Properties and Stonebridge Associates. About CB Richard Ellis CB Richard Ellis (NYSE:CBG) is the world's leading commercial real estate services firm (in terms of 2003 revenue). The company serves real estate owners, investors and occupiers by offering strategic advice and execution for property leasing and sales; property, facilities and project management; corporate services; debt and equity financing Equity Financing The act of raising money for company activities by selling common or preferred stock to individual or institutional investors. In return for the money paid, shareholders receive ownership interests in the corporation. ; investment management; valuation and appraisal; research and investment strategy; and consulting. Including partners and affiliates, CB Richard Ellis has more than 300 offices across 50 countries around the world. Please visit our Web site at www.cbre.com. |
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