M
enlo Equities has expanded its commercial portfolio by acquiring a 305,000-square-foot office space on Atlanta's Westside. The Silicon Valley investor purchased the property from Lincoln Property Company as part of the Echo Street West mixed-use development near the Atlanta Beltline and Georgia Tech's West Campus. Although the sale price was not disclosed, real estate analysts estimate it to be around $200 per square foot, a significant decrease from its estimated value when Lincoln acquired it.

    The acquisition reflects a growing trend of investors targeting lower-priced assets due to high vacancy rates and financial difficulties faced by office landlords. Menlo Equities plans to market the property's modern design and strategic location to tech and creative firms, capitalizing on the area's proximity to Georgia Tech's "deeply talented labor pool" and outdoor spaces.

    The transaction is notable as it comes at a time when office development in Atlanta has slowed, with fewer projects offering the modern amenities that tenants demand. Tech firms have accounted for 18% of office leasing activity in the US during the first three quarters of this year, according to CBRE.