Freestone Real Estate has snapped up the roughly 400,000-square-foot office complex at 5780 Powers Ferry Road in Sandy Springs from a Voya Investment Management subsidiary for $32.9 million. Voya is not bolting entirely, though; the firm will stay put in about 80,000 square feet under a lease that runs through 2027, while Freestone figures out how to reposition the campus.
Deal details
As reported by Connect CRE, the office campus dates back to the 1980s and sits just inside I-285, near Holy Innocents’ Episcopal Church and Temple Sinai. Freestone represented itself on the buy side, and CBRE vice chairman Will Yowell and Newmark vice chairman Jay O’Meara led the assignment for Voya, according to the outlet.
Property profile
Marketing materials and listings peg the complex at about 400,000 square feet and highlight a 10,000-square-foot conference facility, an on-site café and multiple fiber providers. Per LoopNet, the property is positioned as an office park with large floor plates that could accommodate a single corporate occupier or be broken up as part of a phased redevelopment.
Buyer background
Freestone is an Atlanta-based development and investment firm, and its website leans heavily on its local leadership and track record repositioning properties in the region. Company materials from Freestone Real Estate emphasize a hands-on approach to upgrades and adaptive reuse, tools the firm may bring to bear as it reimagines the Sandy Springs site.
Perimeter market context
The $32.9 million price comes out to roughly $82 per square foot for the 400,000-square-foot campus, a figure that underscores how soft demand has become for large suburban office properties. Nearby development activity, including a recently reported mid-rise condo project near Powers Ferry Road, points to shifting uses and fresh investor interest in the Perimeter submarket, according to Urbanize Atlanta.
Who handled the assignment
Yowell and O’Meara, both vice chairmen at their respective firms, have been involved in several major Atlanta office sales in recent years and were credited with this disposition as well. For more on their backgrounds, see Showcase and LoopNet.
What’s next
With Voya committed through 2027, Freestone has a multi-year runway to decide whether to renovate, subdivide or pursue a larger-scale redevelopment of the campus. In the coming months, permit filings, leasing announcements or new site plans will reveal whether the property is refreshed for traditional office tenants or steered toward a different use that better matches Perimeter demand. We will be watching public filings and local notices as the repositioning plan comes into focus.
