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The Atlanta Bank of America Plaza was sold today by Cousins Properties for 436 million dollars, almost 348 dollars per square foot. This is the most that has ever been spent for a property in the south.

The high prices being paid for commercial realty is an indicator that the slowdown in residential has not affected commercial properties. In fact, the combination of the slow stock market and slow residential markets is giving the commercial real estate market a nice boost.

Cousins Properties announced the sale Friday morning. CSC Associates, a partnership of Cousins and Bank of America, is selling the building to an affiliate of California-based investment firm BentleyForbes, Cousins said.
The 55-story, 1.25 million-square-foot tower is at the corner of North Avenue and Peachtree Street. At 1,023 feet it is among the tallest buildings in the world and the tallest U.S. office building outside New York or Chicago.
Cousins said it expects to be retained for leasing and property management services after the deal closes in late August or early September.
Bank of America is the tower’s leading tenant, along with law firm Troutman Sanders and accountants Ernst & Young.
The deal is part of Cousins’ recent strategy to sell trophy office properties and spend the proceeds on new projects such as its Fox Plaza complex, across Peachtree Street from Bank of America Plaza, and its Terminus development in Buckhead. via  ajc.com.

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3. Commercial Real Estate At Lowest Level Since 2002
4. Vornado Building $1 Billion Dollar Vulture Fund For Commercial Real Estate
5. Signs Of A Commercial Real Estate Crash