Paces West, the interconnecting office buildings along I-285 in Vinings, has a new joint venture behind it. Oak Tree Capital Management and Paces West owner Behringer-Harvard joined forces the acquire the former Home Depot world headquarters; the partnership valued the building at $82 million, substantially less than the $113 million Behringer-Harvard paid in 2006. Sources report that $82 million is roughly the amount owed on the original loan.
Piedmont Healthcare, which completed a 190,000 SF lease expansion and extension in Paces West in 2011, remains an anchor tenant in this project. Oak Tree and Behringer-Harvard hope to draw similar tenants by investing money into the buildings and pushing the value higher.Share