Jarred Schenke, Bisnow, Atlanta
In a JV with Noro Management, the Atlanta firm bought Powers Ferry Landing West and RiverEdge One (above), both in the Cumberland/Galleria submarket. The 115k SF, two-building Powers Ferry Landing West is part of an area that has seen a surge in office use, especially when Intercontinental Exchange (ICE) bought and refurbished 5660 Interstate North for its HQ.
As for RiverEdge One, Pope & Land is returning home, so to speak, says VP Kirk Billings. The six-story, 130k SF office building off Northside Drive at Powers Ferry Road was developed by Pope & Land in 1980. Both buildings are value-add plays, each only 75% leased at the time of purchase, Kirk says. Terms and price were undisclosed.