February 29, 2008


The Carter Real Estate Fund II purchases The Dupree Building at Powers Ferry Landing

The Carter Real Estate Fund II (CREF II), recently purchased The Dupree Building located at 6120 Powers Ferry Road in Atlanta, Ga. The 137,818-square-foot, class A, six-story office building was purchased from Germania Property Investors, an affiliate of Atlanta-based Germania of America Inc.

The building, constructed in 1997, is currently 100 percent occupied. Sprint, who subleased 122,590 square feet from Compaq/Hewlett Packard, will be vacating the building March 31, 2008.

Superior Essex has leased 75,000 square feet for its corporate headquarters and will occupy the building in the 3rd Quarter of 2008. The remaining available space will include the entire second and third floors, approximately 47,000 square feet, as well as 6,200 square feet on the first floor.

“This is a great opportunity for CREF II, not only because of the property’s quality, condition and location, but also because we know we can create additional value through lease-up. Since its delivery, The Dupree has been fully leased, and we are excited about reintroducing the building to the market,” said Jim Shelton, vice chairman with Carter.

Carter will also lease and manage the building. Tommy Hughes and Beau Terrell with Carter represented CREF II in the purchase negotiations. Glenn Kolker with Childress Klein represented CREF II in the lease negotiations with Superior Essex, and Sam Holmes with CBRE represented Superior Essex.

Germania of America, Inc. and its partners own and manage real estate throughout North America.