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August 9, 1988

THE IBM TOWER IN ATLANTA TO BE SOLD TO JAPANESE INSURANCE COMPANY

By CBR Staff Writer

The 50-story IBM Tower, which dominates Atlanta’s skyline, is about to be sold to a Japanese insurance company for about $300m, according to the Atlanta Constitution, which says that the deal, if completed, would be the largest property sale in the Georgia capital’s history: the newspaper believes that Sumitomo Life Insurance Co will likely reach agreement within the next few weeks to buy the more than 1m square foot building, but IBM will continue to be the tower’s major tenant, occuping half the offices; the tower tower was completed only in late 1987 at a cost of $150m and featured in Computergram last year.

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