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ONE PARK TOWER 1 Park Place Atlanta, GA 30303 Building Use: Office Size: 275,000 sq ft 30 Floors
One Park Tower was Atlanta's tallest building until the mid-1960's. At the time Novare purchased it in 1994, the structure was experiencing financial and operational difficulties and was in need of capital improvement. Novare acquired the remaining years of a 99-year ground lease for the 30-story high-rise. Novare negotiated favorable financing and acquired the simple interest from SouthTrust Bank. Novare provided the needed capital investment, improved operations, and attracted enough tenants to significantly improve financial results. After leasing One Park Tower to 70%, Novare sold the building in 1997 to RREEF Funds of Chicago.
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