KKR has bought a fully-leased 523,000sqft office asset in the US from Hines and Invesco Real Estate.
KKR-owned Global Atlantic Financial has acquired Atlantic Yards, a two-building office asset in Midtown Atlanta leased to Microsoft.
The buildings were built in 2021.
“Atlanta is one of the fastest growing technology hubs in the Sunbelt, thanks to its great academic institutions, diverse talent and long history of serving as home to leading Fortune 500 companies,” said Roger Morales, KKR partner and head of real estate acquisitions in the Americas.
“As one of the highest-quality properties in the market, with strategic importance to a blue-chip tenant, Atlantic Yards provides a long-term, yield-oriented exposure that is a perfect match for our insurance capital.”
Tori Kerr, managing director at Hines, said Hines’s investment thesis for Atlantic Yards was proven when Microsoft committed to the entire Atlantic Yards project with a long-term lease in spring 2020, during the height of the pandemic.
“It has been our distinct pleasure to expand our Atlanta relationship with Microsoft in a strategic partnership at Atlantic Yards and we look forward to continuing to serve them as property manager post-sale to KKR,” said Kerr.
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