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24 April 2015

BLT Buys Iconic King & Queen Towers in Sandy Springs

Building and Land Technology (BLT), a privately held, vertically integrated real estate private equity, development and property management firm, announced the acquisition of the landmark Concourse Corporate Center, home to Sandy Springs' iconic “King and Queen” towers, and a prime parcel of developable land.

(King and Queen Towers at Concourse Corporate Center in Sandy Springs. Image courtesy J.A. Inman)
Concourse’s 2.2 million-square-foot “King and Queen” (shown right) 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.

BLT 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. Initiatives will include enhancements to lobbies and public spaces, restrooms, and other common areas, and additional capital for pre-built spec suites and tenant improvements. Atlanta-based Regent Partners will continue as leasing and managing agent on behalf of BLT.

“BLT is excited to own this trophy asset in the fastest growing submarket in Atlanta. 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,” said Carl R. Kuehner, III, CEO of BLT.

Concourse Corporate Center is located at the northeast quadrant of the I-285/Georgia 400 interchange, being highly accessible to both, and 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.