Written: October 6, 2017

South downtown’s Norfolk Southern building sells for $25 million

The former Norfolk Southern headquarters, an abandoned landmark on Spring Street eyed for years as a major south downtown redevelopment, has sold for $25 million.

The buyer, 99-125 Spring Street Atlanta Owner LLC, is said to be affiliated with Los Angeles-based real estate company CIM Group, according to sources familiar with the deal.

At nearly 406,000 square feet, the Norfolk Southern property is one of downtown’s largest and most complicated redevelopment opportunities. Under new ownership, it may be woven into a sweeping south downtown project that Newport U.S. is RE planning. It could create a walkable mix of residences, shops and restaurants stretching all the way to Mercedes-Benz Stadium.

The sale of the Norfolk Southern building was completed on Sept. 27, according to Fulton County property records. The LLC paid about $62 a foot.

Earlier this year, Atlanta Business Chronicle reported CIM Group planned to develop a $1 billion mixed-use project around a renovated Philips Arena. One of the principals of CIM is Richard Ressler, the brother of Tony Ressler, the majority owner of the Atlanta Hawks.

An email to CIM principals was not immediately returned. Norfolk Southern declined comment on the sale.

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