Glenborough to Sell Ashford Perimeter Property for $40M

ATLANTA-The six-story, 289,000-sf Ashford Perimeter office building near the Perimeter Mall is up for sale. It is owned by San Mateo, CA-based Glenborough Realty Trust. Bedminster, NJ-based Verizon Wireless is the anchor tenant, and the building is 89% occupied.

The property is expected to sell for approximately $40 million or about $138 per sf, Mike McDonald and Randy Evans of Eastdil Realty Co. tell GlobeSt.com. The asking rental rate for class-A office space in the Ashford Dunwoody area outside Atlanta averages about $21 per sf, according to GlobeSt.com research.

Mike McDonald and Randy Evans of locally based-Eastdil are marketing the property, which has access to I 285.

Local-area brokers tell GlobeSt.com that the sale announcement may be a sign that investment sales in a market that has suffered from falling rents and rising vacancy rates may be beginning to pick up. The supply of office properties for sale has been lagging and construction of much of the previously planned new office space is currently on hold.