Principal Global Investors has provided a $43.3 million refinancing for the 625,424 sq ft office tower in downtown Atlanta, Georgia.
The investment group provided the four-year, floating-rate loan to an affiliate of Five Mile Capital Partners to replace existing debt and provide future funds for capital improvements and tenant improvements and leasing commissions, according to HFF, which arranged the deal.
The Class A office tower is located at 100 Peachtree Street in the central business district of Atlanta. The 32-story tower features a conference center with a boardroom, three conference rooms and a mock courtroom, plus a FedEx-Kinko’s, Dunkin Donuts, Starbucks and parking for 928 vehicles. The property is 61 percent leased with tenants including Koch Properties, Accenture, and Fulton County Public Defender.
The lender purchased the property from America’s Capital Partners (ACP) in 2014, according to an ACP press release. The building was constructed in 1968.
Principal Global Investors is a wholly owned subsidiary of the investment management firm Principal Financial Group, which has $527.4 billion in assets as of December 31, 2015. Based in Stamford, Connecticut, Five Mile Capital Partners is an investment firm that specializes in alternative assets. The company manages approximately $1.8 billion, according to the company website.
The lender and developer did not respond to requests comment in time for publication.