SANTA ANA, CA/PRNewswire-FirstCall/ -- Grubb & Ellis Realty Investors, LLC has acquired One Live Oak, (top right photo) an approximately 199,000-square-foot Class A office building in the Buckhead - Lenox submarket of Atlanta, on behalf of tenant-in-common investors.Grubb & Ellis Realty Investors purchased One Live Oak from Crescent Real Estate Equities, which was represented by W. Hayes Swann & Matt Tritschler of DTZ Rockwood LLC.
Built in 1981 on more than two acres, the 10-story property is within walking distance of the five-star Ritz Carlton Hotel and world class shopping at Lenox Square Mall. (Ceiling shot atd bottom right)One Live Oak's main lobby is finished with granite floors, cherry and walnut walls, and is home to The Bucket Shop restaurant and bar. The property offers ample parking with a seven-level, 625-space parking structure that provides 3.1 spaces per 1,000 square feet.
One Live Oak is currently 92 percent leased to a number of tenants, including the Securities and Exchange Commission, Univer
sity of Georgia Real Estate Foundation Inc., and Corporate Offices Georgia LLA.
sity of Georgia Real Estate Foundation Inc., and Corporate Offices Georgia LLA."This is a high quality office building located in a market where we believe we can maintain a high occupancy rate," said Jeff Hanson, (top left photo) President and Chief Investment Officer of Grubb
& Ellis Realty Investors.
.Overall average asking rents in the Buckhead submarket are $26.27 per square foot/year plus expenses, which represents a 3.8 percent rental rate growth from the previous year.
The submarket had a positive net absorption of 646,000 square feet in 2007, with 221,000 square feet absorbed in the 4th quarter 2007.
CONTACT: Julia McCartney of Grubb & Ellis Realty Investors, LLC,+1-714-667-8252, ext. 230, julia.mccartney@grubb-ellis.com
CONTACT: Julia McCartney of Grubb & Ellis Realty Investors, LLC,+1-714-667-8252, ext. 230, julia.mccartney@grubb-ellis.com
Web site: http://www.grubb-ellis.com/
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