JLL’s Capital Markets group has arranged a $421.8 million financing for Piedmont Center, a 14-building, 2.2 million-square-foot, Class A office complex in Atlanta, Georgia.
JLL worked on behalf of the borrower, The Ardent Companies, to secure the floating-rate loan.
”Proceeds were used to refinance the debt of Ardent’s existing holdings within Piedmont Center plus the acquisition of four additional buildings within the office complex,” said JLL.
Piedmont Center is located on 45.5 acres at 3495-3575 Piedmont Rd. NE in the affluent Buckhead submarket. Buckhead is just four miles north of Midtown Atlanta and offers diverse amenities, including world class shopping, museums, art galleries and recreation venues. The area is served by major thoroughfares such as Georgia 400, Lenox, Peachtree and Roswell Roads as well as a Marta station providing service throughout the Atlanta area.
READ ALSO : CNN Center in Atlanta sells to joint venture
Built in various stages between 1977 and 1998, Piedmont Center, the office complex in Atlanta, recently underwent renovations to its exterior and amenity areas with additional improvements planned over the next few years. The diverse tenant roster across the portfolio includes firms in the high-growth industries of healthcare, technology and professional services.
“Through its consolidation of ownership within Piedmont Center, Ardent has created a huge opportunity to reinvent the office campus into a more dynamic workplace setting with greater mixed-use amenities and an environment desired in today’s market,” said Ed Coco, Senior Managing Director, at JLL’s Capital Markets. “We look forward to seeing the transformation in the years ahead.”
“With this purchase, we continue to demonstrate our opportunistic investment strategy while leveraging our relationships to secure capital,” said Scott Werbel, Managing Director at Ardent. “This deal underscores Ardent’s commitment to the office sector in our key markets, and we will continue to look for these opportunities as we expand our geographic footprint further.”
