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Press Release
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Contact: Nick Derasmo (212.841.7505) |
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SONNENBLICK-GOLDMAN COMPANY ARRANGES FINANCING FOR AtlantaXchange TELECOM BUILDING |
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Thursday, October 12, 2000
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New York, NY
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Sonnenblick-Goldman Company, acting as exclusive advisor to a partnership consisting of Taconic Investment Partners LLC, The Benenson Capital Company and Angelo, Gordon & Co., has arranged the financing with an offshore bank for the redevelopment of 180 Peachtree Street in the heart of Atlanta's Central Business District. The 8-story, 658,000 square foot building, to be renamed AtlantaXchange, will be converted into a technically advanced telecommunications, Internet and new media facility.
Originally built in 1927, 180 Peachtree Street, also known as the historic Macy's Building, has always been utilized as a retail department store. The Macy's flagship Atlanta department store will continue to occupy approximately 240,000 square feet on the ground, mezzanine and lower levels of the mixed-use development. In addition, there are two parking garages, which include 1,300 parking spaces.
The building will also successfully accommodate the rapidly expanding telecommunications, Internet and information technology industries. 180 Peachtree Street is ideal for a high-tech conversion due to its high ceilings, heavy load bearing floors and large floor plates. In addition to its prime location across the street from The Ritz-Carlton Downtown, the Westin Peachtree Plaza and The Wachovia Bank Building, the building is ringed by five, fiber-carrying loops.
"The AtlantaXchange, which will be the most technologically advanced building in Downtown Atlanta, will fulfill the increasing demand by telecom and other new media office tenants that are expanding rapidly in the city," said Andrew Oliver, Managing Director at Sonnenblick-Goldman Company. "It provides an incredible opportunity to reposition an historic asset in a major metropolitan market into a thriving mixed-use facility."
Steven Kohn, President of Sonnenblick-Goldman Company, added, "While financing telecom facilities can often be challenging, the sponsorship of AtlantaXchange has the reputation necessary to attract capital." |
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Sonnenblick-Goldman, LLC is the industry’s leading independent real estate investment banking firm. Founded in 1893 to serve the financing needs of the real estate industry, Sonnenblick-Goldman, LLC provides a full range of financial services, including debt and equity placements, joint ventures, investment sales and advisory services. Headquartered in New York, Sonnenblick-Goldman maintains offices in San Francisco, Boston, Hong Kong, Shanghai, Sydney and Tokyo. Further information can be found at Sonnenblick-Goldman, LLC’s website at www.cushwake.com/sonngold.
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