KBS Under Contract for Atlanta Station Tower

Wells Fargo

Although the reasons are still unclear, 171 17th Street owner JP Morgan has decided to put the asset on the market – and for a price that is much lower than their expected replacement cost. JP Morgan paid $163 million for the building when it purchased it from AIG Global Real Estate nine years ago. KBS Real Estate Investment Trust II is under contract the purchase the 507,000 SF property and is expected the purchase the property for approximately $132.5 million, a loss to JP Morgan of almost $100 PSF.

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