April 10, 2006
HARBOR GROUP INTERNATIONAL PURCHASES
HISTORIC HURT BUILDING IN DOWNTOWN ATLANTA
An affiliate of Harbor Group International (HGI) of Norfolk, Va., has acquired the 18-story, 436,340 square foot Hurt Building and adjacent 785-space parking structure in Atlanta.
HGI purchased the property for $40 million from A.R.C. Inc. (a wholly owned subsidiary of Atlantic Investment Company), and plans to invest more than $500,000 in interior and exterior upgrades.
“We are very excited about this acquisition”, said Brian Boehmcke, Vice President of Asset Management for Harbor Group International. “Downtown Atlanta is poised for great momentum and offers exceptional visibility in the world marketplace.
“The Hurt Building, with Trusco Capital as an anchor tenant, the landmark City Grill restaurant and a unique mix of foundations and associations, is a special property and we intend to maintain its character through our management and leasing.”
Harbor Group International has relocated Jack Mesoros from another property in Columbia, S.C., to oversee commercial management and has retained the majority of the Hurt Building’s current staff.
“Along with 34 Peachtree Street, the Hurt Building fortifies our corporate strategy of investing in commercial properties in downtown metropolitan areas like Atlanta,” Boehmcke added.
The Hurt Building is currently 77% occupied, offering suites of 1,500 to 12,500 square feet and a block of 60,000 square feet on the top three floors. The CB Richard Ellis team of Greg Frankum, Tom Miller and Andi May have been appointed as the leasing agents. Located at 50 Hurt Plaza, the property stands in the central business district of downtown Atlanta, convenient to the Capital, government offices, public transportation and Georgia State University.
At the time of its completion in 1913, it was the 17th largest office building in the world and was designed under the direction of famed master builder Joel Hurt, for whom it is named. The building was extensively renovated in 1985 by A.R.C. Inc.
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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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