FOR IMMEDIATE RELEASE
Wellstar Health System Lease Brings 400 Tower Road to 100% Occupancy Just Before Building Sale
Atlanta – September 10, 2020 – CBRE is pleased to announce that Wellstar Health System has leased 26,018 square feet of medical office space at 400 Tower Road in Marietta, Georgia. This lease brought the building to 100% occupancy just in time for its sale to Healthcare Realty.
Adam Butler, with CBRE’s healthcare leasing team, represented the previous owner and landlord, Bengal Holdings, LLC.
400 Tower Road is a three-story, 48,000 square foot Class-A medical office building constructed in 2008 adjacent to Wellstar’s Kennestone campus. Prior to Wellstar Health System’s lease the property was facing a 54% vacancy.
“We were thrilled to be able to accommodate Wellstar’s need for space in the area to facilitate their growing pulmonary and rheumatology practices,” said Mr. Butler, Vice President at CBRE.
This lease in tandem with the building sale marked a great collaboration between CBRE’s healthcare leasing team and CBRE Healthcare Capital Markets team members Lee Asher, Chris Bodnar and Jordan Selbiger, who represented the seller of 400 Tower Road.
“Despite the uncertainties amid the pandemic, healthcare real estate investment sales have been active across the country with pricing consistent with pre-Covid levels,” said Lee Asher, Vice Chairman at CBRE. “Healthcare providers and strategic investors are continuing to see areas of growth and are seizing opportunities in the market for well-positioned medical office buildings to accommodate their needs.”
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBRE), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2019 revenue). The company has more than 100,000 employees (excluding affiliates) and serves real estate investors and occupiers through more than 530 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
The full content of this article is only available to paid subscribers. If you are an active subscriber, please log in. To subscribe, please click here: SUBSCRIBE