PHILADELPHIA, April 7, 2016 /PRNewswire/ -- Rubenstein Partners, L.P. (including its affiliates, "Rubenstein"), announced today the acquisition of Interstate North Office Park in Atlanta for approximately $90 million. Interstate North Office Park, consisting of 11 buildings and 985,490 square feet, is situated at the intersection of I-75 and I-285, immediately adjacent to the new Atlanta Braves baseball stadium and the associated mixed-use development.
Interstate North Office Park sits on 67 acres in the Northwest submarket, one of Atlanta's leading office locations. Rubenstein, which acquired the property in an off-market transaction, plans a further investment in improvements to outdoor common areas, building lobbies, and restrooms, and upgrades to mechanical and elevator systems. Interstate North Office Park is currently 60% leased, and Rubenstein believes the portfolio offers significant potential upside through repositioning and lease-up.
"We believe Interstate North is a compelling value-added investment opportunity," said Taylor Smith, Regional Director of Southeast for Rubenstein. "We consider this to be an extraordinarily well-located office asset with excellent accessibility. We expect this submarket to draw even more demand as SunTrust Park opens and delivers new, high-quality amenities to the area. As we roll out our improvement plan in the coming months, we think we'll be well-positioned to lease up the Property and unlock its highest value."
A Cushman & Wakefield team led by Caroline Nolen and Andy Sumlin has been selected by Rubenstein to handle leasing and management of Interstate North.
About Rubenstein Partners
Rubenstein Partners, founded in September 2005, is a private real estate investment management and advisory firm with operations throughout the Eastern United States. The firm is led by its founder, David Rubenstein, and a group of senior real estate executives, and is focused on directing and managing value-added office real estate investments, primarily in the Eastern United States. Rubenstein Partners' predecessor company, The Rubenstein Company, LP and affiliates, founded in 1969, was one of the largest private owner operators of Class A office real estate in the Mid-Atlantic, owning and operating a portfolio of assets valued at approximately $1.2 billion at the time of its disposition in 2004. Since 2005, Rubenstein Partners has, on behalf of its investors and clients, invested in more than 10,000,000 sq. ft. of office real estate assets throughout the Eastern United States. For more information, visit www.rubensteinpartners.com.
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SOURCE Rubenstein Partners