Skyscraper price sets record: $380 per sq. foot
26th Sep 2006, 20:45 GMT
Another landmark in Atlanta's skyline has changed owners — and again the record price for a metro office tower has tumbled. Houston developer Hines has sold 1180 Peachtree, the 41-story silver skyscraper at Peachtree and 14th streets, to an affiliate of the General Electric Pension Trust for about $254 million, or about $380 per square foot, according to a person familiar with the deal. That price per square foot — the figure real estate insiders use to set a building's value — is a high water mark for Atlanta real estate, breaking the record set this summer by Cousins Properties' sale of Bank of America Plaza, the city's tallest building.
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