March 14, 2012
Lenox Building sold for $59.3 million
The Lenox Building, a 19-story office tower in Buckhead, has been sold to a South Florida commercial real estate firm.
Parmenter Realty Partners acquired the 350,000-square-foot property from Clarion Partners for $59.3 million, according to CoStar Group. The price translates to $170 per square foot.
CoStar Group reports that Clarion picked up the property in spring 2000 in a trade with The Retail Property Trust for $71 million, or $204 per square foot.
The Buckhead office property is attached to Lenox Square Mall and the JW Marriott Hotel. In addition, it has direct access to the Lenox MARTA station.
The Parmenter acquisition team included Southeast Region executives John Davidson, Michael Holmes, and Reginald Mackey. Cushman & Wakefield’s Southeast Capital Markets Group represented the seller and Cushman & Wakefield Sonnenblick Goldman assisted in arranging acquisition financing.