ATLANTA (June 10, 2011) – Carter, one of the country’s leading commercial investors, advisors and real estate service providers, sourced the acquisition of The Medici Office Building on behalf of Piedmont Office Realty Trust (NYSE:PDM). The Class-A property is located within the prominent Piazza at Paces development complex in Atlanta’s desirable Buckhead submarket.
Piedmont purchased the six-story, 152,221 square-foot office building for $13,210,000 million at a Fulton County foreclosure auction. The Medici building, located at 3284 Northside Parkway NW, Atlanta, was constructed in 2008 as part of the Piazza at Paces mixed-use high-end office and residential development.
The property land area totals 1.85 acres and includes a 4-level below grade parking garage. The building, formerly the headquarters of Silverton Bank, is currently 15 percent leased to two tenants and will be actively marketed for lease. Carter’s Glenn Kolker will be responsible for the leasing and marketing of the building.
Wil Stone, Senior Vice President, Capital Markets for Piedmont Office Realty Trust, represented the company in the transaction. “We appreciate the role Carter played for us in the acquisition of this quality building. We look forward to working with Carter to lease-up the building and execute on our goal of realizing significant value in the future.”
Jim Shelton, vice chairman of Carter, said “The Medici is a Class A+ office building that will attract top-quality tenants. The Medici is hard to match from a location, access, and quality standpoint,” said Shelton. “Carter looks forward to leveraging our relationships to help quickly lease the building for Piedmont.”