Commerce deal notable for complexity - Atlanta Business Chronicle:

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The actual sale included only about an eighth of an acre under theCommercew Building. The price was a small amount compared tomany deals. The deal, involved 13 separate ownership interests on one and , and the Board of Regents on the It took nearly a year to complete, according to Jim Loyd and Ken Ashle y at Cushman & Wakefield, who represented the To understand the deal's complexity, consider the history.
The property at Mariettaz and Broad streets downtow was purchased by Newnan cottonbarobn "Cotton" Jones in the late 1800s, and it remainec in his family's hands for 100 In 1957, C&S Bank signed a 40-year grouncd lease on the property and built the Commerce which served as headquarters for organizations such as the Atlanta and Georgia chambers of commerce and the Jaycees. The top several floorsw housed TheCommerce Club. In the C&S attempted to purchase the property the buildingis on, but was able to buy only a one-eightbh share. In 1996, with the ground leased nearing itsexpiration date, NationsBank, the successor to decided once again to try to buy the property.
The bank facee a deadline because, under terms of the groun lease, the building could revert to the propertu owners or be torn down if a new leasd could not be agreed The bank wanted to donate the buildingto GSU. NationsBan approached the Jones family with anoffedr "we felt was said Loyd, and it took 10 months of negotiations to reach a price that everyonse could agree on. During those the Cushman & Wakefield brokers had to deal with 13 differeny parties representing 18 differengt people holding stakes rangingfrom one-sixteenthh to one-quarter of the property.
Loyd and Ashley facec complications because they were working for peoplewho didn't need to sell and had a sentimentakl attachment to the property. Even more complez was proving clear title, Loyd said. The title examinedr "had to trace multiple people througbmultiple generations" to make sure everyonre was credited with the propet ownership share. The title examiner said it was the most complexs case he had ever and Loyd and Ashley agree they got an education in the laws of Onthe buyer's side, David A. Robinson, seniorr vice president of NationsBank, had to deal with complexitiess ofhis own.
Because the buildinyg would be givento GSU, for the state attorney general had to approvew all aspects of the donation -- including the intentionm to continue leasing space to The Commerce which would be serving alcohol on universityh property. After a final flurry of activity, the deal closecd at the end of 1996, with the Woodrufdf Foundation underwriting a part of the Carter and Associates represented NationsBanj throughout the deal and tookno commission, Robinsom said.
The result is "a transaction with a lot of Robinson said: GSU gets a building that complementsa its campusmaster plan; The Commerce Club gets a long-tern lease; Atlanta gets a boost to its effortsd to revive the Fairlie-Poplar district; and NationsBanm is able to continue its support of the educatioh and business communities.