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**Insignia Acquires Atlanta-Area Office Towers at Steep Discount**
Insignia has acquired Paces West, a two-tower office complex comprising 18-story buildings, for $21.75 million. The property is located at 2727 Paces Ferry Road SE in Atlanta’s Vinings neighborhood. The previous owners, CP Group and Farallon Capital Management, purchased the complex in 2019 for $119.5 million. A loan tied to the property entered special servicing in July due to a maturity default.
According to reporting by the Atlanta Business Chronicle, Insignia secured a $12 million acquisition loan from Westmoore Group for the property. The development currently has a 45% occupancy rate, with a total of 646,471 square feet of leasable space. The recent departure of Piedmont Healthcare from the complex has left approximately 253,000 square feet vacant.
Insignia plans to rebrand the development and implement a new leasing strategy to revitalize the asset.
Alongside this acquisition, Insignia maintains control of several other properties throughout the Atlanta area, including a significant portion of the Embassy Row complex in Sandy Springs, the River Ridge office building, 1200 Ashwood in Dunwoody, Parkside Terraces in Alpharetta, and the former Kmart site in Doraville.
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