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For Immediate Release
May 6, 2005
For more information, contact David Allman,
dallman@regentpartners.com , 404.364.1400
Or Chris Schroder, Schroder PR, chris@schroderpr.com , 404.872.7289
REGENT PARTNERS AND RREEF ANNOUNCE NEW PARTNERSHIP IN BUCKHEAD'S TOWER PLACE COMPLEX
ATLANTA (May 4, 2005) - Regent Partners announced today that it has closed on a new partnership for several components of the Tower Place complex, including Tower Place 100, the 29-story office building that anchors the mixed-use complex in the heart of Atlanta's Buckhead community.
Regent Partners will remain as manager in the properties. Terms of the deal were not disclosed.
This new partnership in Tower Place is another step in RREEF's path to invest in the best real estate in Atlanta. RREEF recently purchased Lakeside Commons Office Complex in the Perimeter submarket.
Tower Place 100, which features 610,000 square feet of office space, was built in the mid-1970s by Charles Ackerman. It is currently 73 percent leased. Regent purchased the Tower Place property in 1993. Today, the complex also includes Tower Place 200, a 260,000-square-foot office building, and the 60,000-square-foot American Intercontinental University, the DoubleTree and Courtyard By Marriott hotels, 400 residential condominiums and Tower Walk, a 165,000-square-foot retail and entertainment complex with 10 restaurants and 13 retail facilities, as well as beautiful park space.
In addition to Tower Place 100, the new partnership includes the 60,000 sf American Intercontinental University building that faces Peachtree, the 165,000 sf Tower Walk retail center fronting on Piedmont Road.
"We are excited to have RREEF America join us in this venture," said David Allman, president and founder of Regent Partners. "Our goal is to upgrade Buckhead's largest office building to be consistent with the future development plans we have for the entire Tower Place complex and to take advantage of the opportunities that will be created by the Peachtree Corridor project. With its unique easy access to Peachtree and Piedmont roads and the Buckhead Loop, as well as MARTA, we believe Tower Place will see significant improvement in leasing opportunities in the next few years."
The transaction broker was Stan Ashley, Bulloch Mannley Partners.
Regent Partners is a full service real estate company specializing in development, acquisition, redevelopment, management, leasing, finance, and construction of more than 10 million square feet of class A office, retail, multifamily, industrial, assisted living, land and hotel product primarily in the Southeastern U.S. valued in excess of $1 billion. The Tower Place complex is managed onsite by Regent Partners, where it maintains its headquarter offices. www.regentpartners.com
RREEF/DB Real Estate is part of Deutsche Asset Management, the global investment management business of Deutsche Bank. RREEF/DB Real Estate acquires and manages investments in commercial and residential property and real estate securities on behalf of its institutional and private clients worldwide. Its product offering is global and comprehensive, including core, value-enhanced and high yield property investments as well as investments in publicly traded real estate securities. www.dbrealestate.com/rreef
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