Sumitomo Corp. of Americas buys Atlanta Financial Center–$222.5 million

Atlanta, GA According to Sumitomo Corp. of Americas (SCOA) they have purchased Atlanta Financial Center, which consists of three class A commercial office buildings totaling 914,774 s/f. Atlanta Financial Center is (physically) one of the largest properties that SCOA has purchased.

SCOA worked with an investment sales team at Eastdill Secured to complete the $222.5 million transaction.

The property currently is at 85% occupancy in three towers and a nine-level garage with 2,335 spaces.

SCOA plans to implement renovations that will create a more energy efficient property and raise its profile to the top of the building’s class A set.

Anchored by Suntrust Bank and Morris, Manning and Martin, Atlanta Financial Center (AFC) is located in the Buckhead submarket, sitting directly on top of the Buckhead MARTA train station which connects the building to Midtown, Downtown and the Airport, while the Georgia 400 highway runs directly underneath. Additionally, the property sits in the heart of Buckhead’s highly affluent retail center that includes the Lenox Square mall and Phipps Plaza mall, as well as several high-end dining options.

“We are very pleased to have completed this deal and are excited about the future prospects of Atlanta Financial Center. With the planned upgrades in common areas, amenities, building systems and equipment, and the re-landscaping of a park on-site, we believe we will be successful in increasing the desirability among tenants and situate AFC as one of the best buildings in Atlanta,” said Antonios Souris, manager of acquisitions and asset management in the commercial real estate unit at SCOA.

Although SCOA has a long history in real estate investments and development in the Atlanta metropolitan region, the acquisition of AFC is its first commercial office building investment in Atlanta. Over the past 30 years SCOA  has invested in and developed  residential  communities such as Medlock Bridge and Hamilton Mill, as well as several apartment complexes; its newest investment being, The Heights, a new apartment complex in Atlanta’s Central Midtown area.

Established in 1952 and headquartered in New York City, Sumitomo Corporation of Americas has 8 offices in major U.S. cities.  SCOA is the largest subsidiary of Sumitomo Corp., one of the world’s leading traders of goods and services.  As an integrated business enterprise, the firm has emerged as a major organizer of multination projects, an expediter of ideas, an important international investor and financier, and a powerful force for distribution of products and global communications through a network of offices worldwide.

SCOA has almost 30 years of real estate investment and development experience in the U.S. With investments in commercial office buildings, multi-family communities, planned developments and single family homes, the Company maintains a diverse and balanced real estate portfolio. Throughout the years, SCOA has been an active investor in the commercial market, acquiring and selling properties in New York, San Francisco, Washington D.C., Los Angeles, Phoenix, Tempe and Miami.