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**Insignia Acquires Atlanta-Area Office Towers at Steep Discount**
Insignia has acquired Paces West, a two-tower office complex located in the Vinings neighborhood of Atlanta, for $21.75 million. The property, consisting of two 18-story towers, was previously owned by CP Group and Farallon Capital Management, who purchased it in 2019 for $119.5 million.
The dramatic price drop comes as a result of financial difficulties; a loan on the property entered special servicing in July due to a maturity default. Paces West is located at 2727 Paces Ferry Rd SE and currently has an occupancy rate of approximately 45%. The complex features a total of 646,471 leasable square feet, with roughly 253,000 square feet vacated following Piedmont Healthcare’s recent departure.
Insignia secured a $12 million acquisition loan through Westmoore Group for the purchase. The company plans to rebrand the property and implement a new leasing strategy to boost occupancy and revitalize the complex.
In addition to Paces West, Insignia controls several other properties in the Atlanta area, including a 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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