FOR IMMEDIATE RELEASE
December 5, 2005
HARBOR GROUP INTERNATIONAL PURCHASES
DELOITTE BUILDING IN ST. LOUIS AND 34 PEACHTREE IN ATLANTA
Affiliates of Harbor Group International (HGI) of Norfolk,
Virginia have acquired the 30-story, 294,000 square
foot 34 Peachtree Building in downtown Atlanta, Georgia
and the 12-story, 248,000 square foot Deloitte Building
in downtown St. Louis, Missouri. HGI acquired the properties
in two separate joint ventures with institutional investors.
HGI will invest more than $1 million in interior and
exterior upgrades to the properties.
“These acquisitions are a perfect match for our
portfolio”, said Sid Bridge, Spokesman for Harbor
Group International. “Both properties are quality
assets in strong downtown locations and we are confident
that we will be able to meet out investment and leasing
objectives for both buildings.”
HGI purchased 34 Peachtree, a Class B office tower,
from an affiliate of Simmons Vedder.
The building, completed in 1961, is currently 95% leased.
The largest tenant is Georgia State University, which
occupies 33,126 square feet, and whose urban campus
is a short walk from the building.
HGI purchased the Deloitte Building, a Class A office
property, from an affiliate of Extell Development of
New York for $26.3 million.
The Deloitte Building is currently 92.6 % occupied.
Located at 100 South 4th Street, the property stands
in the shadow of the St. Louis Gateway Arch and in close
proximity to the new major league baseball stadium being
constructed for the Cardinals.
HGI, which holds an investment portfolio in excess
of $1.3 billion, currently owns approximately 7.5 million
square feet of office space throughout the United States
and more than 10,000 apartment units.
“This transaction is consistent with HGI’s
acquisition of Central Business District (CBD) office
assets in various markets over the last several years,
including Baltimore, Cleveland, Hartford, Cincinnati,
Jacksonville and Norfolk,” said Bridge. “We
continue to pursue CBD office properties occupied by
a strong tenant base that provide solid returns at an
acquisition cost below replacement value.”
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Harbor Group International, with offices in Norfolk,
New York, Chicago and Tel Aviv, currently own more than
$1 billion worth of properties throughout the United
States. For more information, visit Harbor Group International’s
web page at www.harborgroupint.com.
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