One Alliance Goes to Highwoods

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Highwoods Properties has made its third large Atlanta office tower investment in three years; Highwoods has recently closed on One Alliance Center, the 22-story office building in Buckhead. Highwoods now owns the entirety of Alliance Center, as they purchase Two Alliance last year. The total investment in these two properties is estimated to be somewhere around $278 per square foot, including planned building improvements.

ORIX Capital Markets sold One Alliance to Highwoods for approximately $140 million after Tishman Speyer transferred ownership of the tower back in March. Highwoods competed against companies such as Parkway Properties, Piedmont Office Trust, and MetLife in order to purchase the property; the finalization of the deal brings Highwood’s Class A office portfolio to over 1 million feet.

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