Atlanta—Lincoln Property Co. Southeast has announced the $33.5 million sale of the historic Hurt Building in downtown Atlanta. The property was acquired by Gamma Real Estate and local partner, Dion Meltzer, from seller Boxer Properties.
“The Hurt Building is one of the nation’s earliest skyscrapers, and at the time it was built in 1913, it was one of the largest office buildings in the world. Though recently it has most notably served as a filming location for movies and television shows, it remains an integral part of Atlanta’s architectural history,” Chip Sipple, senior analyst with Lincoln, said in prepared remarks.
Located at 50 Hurt Plaza, SE., the 18-story, V-shaped building is a mixture of classic architecture and modern amenities, with floor plates that range in size between 12,000 and 30,000 square feet. The property offers 341,072 square feet of usable office space and includes 10,000 square feet of retail, with 4,000 square feet in the multi-level parking structure, according to Yardi Matrix. Situated in downtown Atlanta, the property offers convenient access to public transportation, Interstates 75, 85 and 20, the government district, Georgia State University and cultural and entertainment destinations. The Hurt Building is LEED Gold-certified.
As reported by the Atlanta Business Chronicle, the building will undergo a $4 million facelift that will include the makeover of the exposed interior marble covered with carpet back in the 1980s. “The Hurt Building is one of Atlanta’s iconic buildings and remains a landmark downtown. Right now, the building is 71 percent leased. Dion and his partners are going to implement a strategic renovation to push rates and lease up the remaining vacancy in the continued market recovery and momentum that is happening Downtown,” added Sipple.
Sipple, alongside Kyle Stonis and Pierce Mayson of SRS Real Estate Partners, co-represented the buyer in the transaction. The seller sold the asset in an off-market transaction arranged by Lincoln and SRS. According to Yardi Matrix data, the sale was subject to a $25.5 million loan due in 2018 held by Ladder Capital. The property was previously acquired by Boxer Property for $17.5 million back in 2012.