M
enlo Equities is poised to acquire the commercial portion of a development on Atlanta's Westside in a deal that may be unfavorable for Lincoln Property Company. The Silicon Valley-based firm has agreed to buy the vacant office building at Echo Street West, located near Georgia Tech and the Science Square and Arts Square projects. The property, valued at $154 million by Fulton County, was developed during the pandemic with tech companies in mind but remains unoccupied due to shifting demand and downsizing.

    Lincoln Property Company had secured $7 million in property tax breaks over 10 years and a $135 million construction loan from Bank OZK, which is set to mature in April. Industry insiders predict Menlo Equities will pay around $200 per square foot for the 305,000-square-foot building, totaling approximately $61 million.

    The sale is expected to close at a discount, according to JLL. This would be Menlo Equities' second acquisition in Atlanta, following its purchase of Allen Plaza in Downtown for $90 million in 2020. The larger Echo Street West development includes retail, apartments, event space, and open areas.