Jan
04
PAC Buys Atlanta Trophy Office Tower
ByThree Ravinia, a 31-story building in the Central Perimeter, was developed by Hines in 1991.
Atlanta—Three Ravinia, an 813,748-square-foot trophy office tower in Atlanta’s Central Perimeter submarket, has changed hands for the second time in less than four years.
Three Ravinia
The new owner, Preferred Apartment Communities Inc., an Atlanta-based company which acquired the property through its indirect wholly-owned subsidiary, Preferred Office Properties LLC, did not disclose the sales price. When it was sold in May 2013 by Colonial Properties Trust to CBRE Global Investors, the 31-story office building went for $144.3 million.
The Class A office tower is adjacent to the Crowne Plaza Hotel. The high-rise was built by Hines in 1991 and previously owned by Colonial Properties Trust from 2002 through 2013…
