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FOR IMMEDIATE RELEASE
July 9, 2003
Contact: David Songy, 404-995-8170.
Schroder Public Relations, 404-872-7289.

SONGY PARTNERS ACQUIRES
FORMER ART INSTITUTE BUILDING

DALLAS, Texas -- Atlanta-based Songy Partners Limited, a commercial real estate investment firm, has purchased the former Art Institute Building in Buckhead to make way for a new Songy mixed-use project.

Songy Partners purchased the property out of foreclosure on the Fulton County Courthouse steps Tuesday, July 1, in the pouring rain. Full payment was made within one hour. The Art Institute Building at 3376 Peachtree Road has stood empty since the school moved to its current facility in Dunwoody in 1999. Ashley-I would love a quote here from David about the acquisition, and the excitement that went along with the last-minute purchase.

Songy is finalizing plans that could include a 220-room hotel on the front side of the property featuring a high-quality restaurant with patio dining. On the backside of property will be a 200,000- to 250,000-square-foot Class A multi-tenant office. After demolition, Songy will pave the site for temporary parking. Groundbreaking on the construction project could begin within 12 months.

This fall, Songy will mark the 5th anniversary of moving their commercial real estate headquarters to Atlanta from Florida. The company renovated the Peachtree Palisades building at 1819 Peachtree St, after the December 1999 purchase, (mention Midtown Residence Inn here) and recently purchased the Georgia Baptist Hospital building at 100 10th Street, with plans to convert it to a hotel.

For further information contact David Songy of Songy Partners Limited at 404-995-8170.
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