September 22, 2016
Rubenstein Partners LP and a minority equity partner have ponied up $265 million to buy Sanctuary Park in Atlanta’s North Fulton submarket. J.P. Morgan sold the 1.6 million-square-foot office park complex off the SH 400 corridor.
The 20-year-old property consists of nine mid-rise buildings within a 152-acre, master-planned location. The asset also has three zoned development sites that can accommodate an additional 750,000 square feet of build-to-suit office space.
The property is 96% leased, with tenants including Delta Dental Insurance, Coca-Cola, Ernst & Young, Ciena Corporation and LeasePlan. The upcoming departure of Verizon Wireless will provide Rubenstein with the opportunity to meet growing tenant demand in the area.
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