300 Galleria, the 400,000 SF Class A office tower in the Cumberland/Galleria submarket, has been sold to The Brookdale Group LLC. Childress Klein Properties sold the building for almost $63 million, or $148 per square foot. Childress Klein pumped a substantial amount of money into the former Nabisco Inc. Headquarters in order to increase marketability and it paid off – they have seen leasing activity steadily increase since 2011. Brookdale feels this pattern will continue. Most believe that Brookdale will have no problems leasing the vacant 90,000 SF in 300 Galleria as we see job growth and leasing activity continue to rise all around Atlanta. PowerPlan will remain as the anchor tenant in the building.
300 Galleria is the second office tower Childress Klein has sold this year; the company sold the 1 Wells Fargo building in Charlotte back in April. Reps for Childress Klein say that the company plans to use the proceeds from these sales to fund development and acquisitions across the Southeast, including finishing the already-started Galleria Office Park.Share