Innovatus Capital Partners LLC has acquired 3400 Overton Park Drive, an office building in Atlanta. No financial terms were disclosed.
NEW YORK, Sept. 10, 2018 /PRNewswire/ — Innovatus Capital Partners, LLC (“Innovatus” or the “Firm”), an independent adviser and portfolio management firm with approximately $1.6 billion in assets under management, today announced it has acquired 3400 Overton Park Drive, a 172,756-square-foot, Class-A office building in the heart of Atlanta’s Cumberland/Galleria submarket and one of the first new from-the-ground-up office buildings in Atlanta’s metro area since 2008.
Located at the southeast corner of the I-75 and I-285 interchange, 3400 Overton Park Drive offers unparalleled visibility and new state-of-the-art facilities for its tenants. The building is currently 80 percent leased to a distinguished roster of high quality tenants, including Synovus Financial Corp. and McGriff, Seibels, & Williams, Inc., both nationally recognized corporations that have made long-term commitments to the property. Lincoln Property Company has assumed the leasing and property management services for the property.
The 3400 Overton Park Drive transaction is the fourth commercial real estate investment for Innovatus, with the four properties currently valued in excess of $200.0 million. The Firm continues to focus on Class-A suburban office and other high-quality real estate opportunities supported by population growth, strong real estate trends and positive economic outlooks.
“The acquisition of 3400 Overton Park Drive is a prime example of Innovatus’ strategy to identify top-caliber Class-A office properties in expanding micro-submarkets with further leasing potential,” said Bradley Seiden, Managing Director, Innovatus Capital Partners. “We look forward to working with quality tenants and are confident that the office building will continue to attract high-end, top-talent companies that are looking to enjoy success in the rapidly growing Cumberland area. At Innovatus, we remain focused on leveraging our team’s extensive expertise to build a diversified portfolio of U.S. commercial office properties where we can deliver an exemplary experience for our tenants.”
Built in 2017, the seven-story, all-glass office building spans a site area of 6.87 acres and stands out against the more traditional buildings in Cobb County. With striking architectural design, large and efficient floor plates, soaring ceiling heights and outstanding, unobstructed panoramic views, 3400 Overton Park Drive exemplifies state-of-the-art construction with timeless character. The property features a modern lobby, fitness center, bank branch, upscale café, grab and go coffee bar, indoor/outdoor WiFi, covered parking and an open and collaborative courtyard overlooking the Chattahoochee National Forest. An upscale, 140-key hotel is planned by Intercontinental Hotels Group on the adjacent site, scheduled to open in 2019.
About Innovatus Capital Partners, LLC
Innovatus adheres to an investment strategy that identifies distressed, disruptive and growth opportunities in the less obvious market segments across multiple asset categories with a unifying theme of capital preservation, income generation, and upside optionality. The Firm has a dedicated team of real estate investment professionals with deep experience in commercial real estate acquisitions, recapitalizations and asset management across core-plus and opportunistic real estate investments amongst all property types including office, retail, hotel, medical, industrial and warehouse. Innovatus and its principals have significant real estate experience with ventures that range from the creation of a CMBS lending group and servicing platform to making equity investments in developments and single asset purchases. Further information can be found at innovatuscp.com.