**Insignia Acquires Paces West Office Complex at Deep Discount**
Insignia has acquired Paces West, an office complex consisting of two 18-story towers located at 2727 Paces Ferry Road SE in Atlanta’s Vinings neighborhood, for $21.75 million. The previous owners, CP Group and Farallon Capital Management, initially purchased the property in 2019 for $119.5 million. Earlier this year, a loan on the property fell into special servicing due to a maturity default.
According to the Atlanta Business Chronicle, Insignia financed the acquisition with a $12 million loan from the Westmoore Group. The current occupancy rate at Paces West is approximately 45%, with a total leasable area of 646,471 square feet. Piedmont Healthcare’s recent departure from the complex left about 253,000 square feet vacant.
The new ownership group plans to rebrand the complex and implement a refreshed leasing strategy to improve occupancy and attract new tenants.
In addition to Paces West, Insignia holds several other significant properties in the metro Atlanta region, including a large portion of the Embassy Row complex in Sandy Springs, the River Ridge office building at the northern edge of Sandy Springs, 1200 Ashwood in Dunwoody, Parkside Terraces in Alpharetta, and the former Kmart site in Doraville.
