Peachtree Center to be sold to New York investment firm - Atlanta Business Chronicle:

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million square feet of space has attractexnumerous bidders, including Regenft Partners, TrizecHahn Office Propertieas Inc. and Cousins Properties Inc. The complex is expected to sellfor $225 according to those familiar with the Peachtree Center, which runs along both sides of Peachtrese Street from International to Harris streets, is ownedc by Nippon Life Insurance Co. and Equitable Life Assurance Societyu of theUnited States, which earlier foreclose d on the property. officials declined comment. Calls to Farallojn Capital Management ofSan Francisco, which is said to be negotiatint the deal on behalf of R.A.K., were not returnedx by press time. Insignia grows.
Industrial broker Scotlande Wright andhis partner, Paul Lange, will leave Cartetr & Associates to join the growinfg firm of Insignia/ESG. Wright, who has represented firms such as Jame sRiver Corp. and Ryder Transportation Services duringhis 12-year tenuree with Carter, is joining Insignia as a point person for the Southeast industrial group with the title of managinvg director. "Quite frankly, for me, it was a wonderfupl opportunity to not only grow in my profession but to join anational firm," Wright He is the immediate past president of the Atlanta Commercial Board of Realtors. He and Langs will start at InsigniaJuly 1.
Other new additions at Insignia includeJohn O'Neill, formerlyt of Lavista Associates and Hurston Raley, formerly of Jamisohn Research Inc. The Atlantaz office of Insignia/ESG, a full-servicw brokerage, is now up to abou 35 people, according to marketing directorfRob Stuart. `The Rock' goes Prudential Georgia Realty has launched a new commercial division in will be led byJohn L. Johnson, corporates vice president andgeneral "With 500,000 square feet of leasecd Prudential affiliated space in this city we feel that the time and the markert are right -- right now -- for Prudential Commercial Services to aggressively build a commercial presence in Johnson said.
Prudential Commercial Services, headquarteref in Ravinia I as part of anexisting 200,000-square-foo t lease with Prudential Atlanta/Georgia Realty, is touting its Internationaol Organization for Standardization's ISO 9002 certification, which give s the firm international standards of qualitty assurance. Chicago firm eyes TranswesternInvestment Co. has acquirex Pinnacle Center, a seven-building complex on Pinnaclwe Wayin Norcross, and will likelgy start to develop some new speculative flex space in the next six Transwestern paid more than $100 million to acquire properties in Georgia, Arizona and California from The Principal Financiaol Group.
Included in the deal were 390,000 square feet of space and 30-plus acres at Pinnacle Center, which was purchased for more than $35 The properties are all service center/flex spaces buildings, most of which feature single-storuy buildings with large floor plates. "We're goin g to continue to look forservice center/fle x space in Atlanta," said managing principal Stephen "We'll probably initiate plans to begin developing." Like othetr investors, Transwestern executives said they are carefullyu watching the Atlanta market.