RealCo Picks Up Atlanta-Area Office Asset

3550 Engineering Drive recently secured a long-term tenant. Image courtesy of CommercialEdge.

RealCo has purchased 3550 Engineering Drive, a 101,094-square-foot office building in Norcross, Ga., within the Peachtree Corners submarket of Atlanta. JLL and Northmarq negotiated the deal on behalf of the buyer.

OnPace Partners represented the seller, HTZ Investments, which acquired the property in 2018 for $8 million, according to CommercialEdge data.

The Class A office building recently secured FLEETCOR as tenant. The company signed an 11-year leasing agreement for 25,244 square feet, bringing the asset’s occupancy to more than 58 percent. Other tenants at 3550 Engineering Drive include Nichols, Cauley & Associates and McMichael Taylor Gray, CommercialEdge data shows.

The four-story property features 26,108-square-foot floorplates, two passenger elevators, a glass exterior, common-area amenities and 396 vehicle parking spots, according to the same source.

Built in 1998, the office building is on 6.6 acres, adjacent to the future Peachtree Corners Technology Park and trail, which upon completion is slated to connect the city through a multi-use trail system. The property is also 2 miles from The Forum, 21 miles from downtown Atlanta, 24 miles from Marietta, Ga., and within 31 miles of Hartsfield-Jackson Atlanta International Airport.

JLL’s Executive Vice President Paul Hanna, together with Northmarq’s Vice President Katie Elliott arranged the transaction on behalf of the buyer. The seller was represented by OnPace Partners’ team of Tom Shafer, John Hinson and Chase Mathews.

Early this year, JLL brokered a major office deal in the market, assisting State Street in selling a three-building property within Atlanta’s Perimeter Summit. The brokerage company also procured the buyer, which paid $247.5 million for the Class A buildings.