After a year's selling binge, Scott Jackson is back out in the market. And this time, his target is Choate's HQ in Central Perimeter.
Jackson Corporate Real Estate's namesake revealed at our State of Office 2016 event this morning at the InterContinental Buckhead that he has Northridge Plaza under contract for $18M. The 128k SF office building off Roberts Drive strategically overlooks GA 400. Scott says he is buying the facility at $141/SF in a JV with the Pritzker family — one of America's wealthiest family dynasties.
Scott was part of an all - star power lineup that included Selig Properties' Steve Baile, Eastdil Secured's Kennedy Hicks,Vantage Realty Partners' Gene Rice and JLL's David Tennery (who moderated). Scott says Northridge Plaza fits the profile of the type of assets he's looking for - especially in light of improving fundamentals with little new office development. We feel like we can buy a building at $140-$150/SF full where rents are sub $20/SF. But if the building's full, Scott says he can easily push those rents to $23/SF to $24/SF, even on renewal. When it comes to Northridge Plaza, which is more than 90% leased, his basis in the building means he could drop occupancy to 67% and still make his debt service.