Atlanta Office Sells for $83M
- Jan 07, 2019
Barings has acquired 3445 Peachtree, a 286,997-square-foot Class A office building in Atlanta for $82.6 million. The Brookdale Group, the seller, purchased the asset from TH Real Estate in January 2015 for $53 million, according to Yardi Matrix.
Located in the city’s Buckhead submarket, the 13-story office structure is positioned half a mile from two MARTA stations, offering direct access into downtown Atlanta, 7 miles away. The building is within a mile of 13.6 million square feet of Class A office space, per Yardi Matrix data. Simon’s 1.6 million-square-foot Lenox Square is situated across the street, with various other retail and hospitality properties in the immediate area.
The building is 83 percent leased, home to a tenant roster including CareerBuilder, Place Properties, Collabera, SRS Real Estate Partners and McLain & Merritt. The property, opened in 1970 was last renovated in 2016 by the previous owner. On-site tenant amenities include a fitness center, a café, dry cleaning and an attached parking structure.
Justin Parsonnet, Will Yowell, Jay O’Meara and Ryan Reethof from CBRE acted on behalf of The Brookdale Group in the sale transaction. Part of the same team represented another seller in the $44 million disposition of an office property in Atlanta’s Central Perimeter submarket.
Image courtesy of CBRE