A maker of high-end jeans and clothing is looking to unload a Downtown Atlanta office building it owns as it prepares to lose its only tenant, the Department of Housing and Urban Development.
Five Points Plaza, which the Department of Housing and Urban Development has occupied since 1999, is about to be vacant.
Jordache Enterprises has listed the 17-story Five Points Plaza for sale with a $12M asking price, Bisnow has learned. The building at 40 Marietta St. is being marketed by an Avison Young team led by principal Chris Godfrey.
HUD’s 25-year lease for the 123K SF of rentable space in the building expires in February, according to an inventory of leased office space maintained by the General Services Administration, which manages the federal government’s real estate.
Jordache, the owner of fashion brands such as Jordache, XOXO, U.S. Polo Assn. and Jetlag, purchased the 143K SF tower for $6M in 2011 through affiliate Nakash Five Points LLC from LNR Partners, according to the Reonomy database. LNR bought the building in a foreclosure auction for $7M in 2009.
“They are not in distress, but it is something that they are interested in selling,” Godfrey told Bisnow Wednesday morning.
It was unclear where HUD would be moving, but Godfrey said the move is part of the federal government’s efforts to consolidate its agencies into federally owned properties and reduce its office footprint in the age of hybrid work.
Five Points Plaza has long been viewed as a potential candidate to vacate. In 2011, then-GSA Regional Administrator Shyam Reddy floated the idea of moving HUD out of Five Points Center and into the…
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