Real Estate Company Buys "King and Queen" Towers

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A real estate development and property management firm has announced the acquisition of the Concourse Corporate Center, home to the iconic “King and Queen” towers in Sandy Springs.

Building and Land Technology, a privately held, vertically integrated real estate company, plans to invest in further enhancements of the trophy site in order to reinforce and solidify Concourse’s reputation as the “premier office project in the Perimeter submarket,” according to the company’s press release.

These initiatives will include enhancing lobbies and public spaces, restrooms and other common areas and also providing additional capital for pre-built spec suites and tenant improvements.

Atlanta-based Regent Partners will continue to serve as leasing and managing agent on behalf of BLT.

“BLT is excited to own this trophy asset in the fastest growing submarket in Atlanta,” said Carl R. Kuehner, III, CEO of BLT said. “Concourse presents a unique opportunity for BLT to increase the value proposition to a currently terrific roster of tenants and attract new tenants in the market. We are attracted by the supply-demand dynamics of the submarket, as well as the opportunity for a new development with uses that complement Class A office space.”

The 2.2 million-square-foot “King and Queen” buildings are 91 percent occupied. A surge in demand for central Perimeter office space over the last two-and- a-half years drove investor interest in the property and its development site, which is zoned to accommodate dense retail, office and residential uses.

Boosted by the high-profile headquarters wins of Mercedes-Benz USA and State Farm Insurance Co., the Perimeter submarket today has the lowest vacancy rate of any major Atlanta submarket.

There is no new multi-tenant office building construction underway and there is a significant demand for larger blocks of office space. As a result, ownership is working on creating a rare 75,000 square feet block of space available in the King and Queen towers, seeking to fulfill the requirements of major users in the market.

Concourse Corporate Center is located at the northeast corner of the Interstate 285/GA-400 interchange and is in close proximity to numerous MARTA rail stations.

Along with its unmatched base of on-site amenities — including the recently renovated Westin Hotel and 85,000-square-foot-Concourse Athletic Club (not included in BLT’s acquisition) — Concourse Corporate Center’s prime location has been instrumental to its success in attracting a strong roster of corporate tenants.

Photo credit: Concourse Corporate Center