Atlanta Plaza to Undergo Major Upgrade
- Aug 30, 2017
Banyan Street Capital has embarked on a capital improvement program at Atlanta Plaza, a 631,808-square-foot, Class A office tower in Atlanta’s Buckhead submarket. The owner partnered with architecture company Perkins+Will to transform the property by paying homage to prominent Atlanta local John Ottley. Renovations are slated for completion by the end of 2017.
Located at 950 E. Paces Ferry Road on a 2.18-acre site, the building was completed in 1986 and underwent major renovations under previous ownership. The new improvement plan includes remodeling the lobby and entry to the building, adding new amenities and outdoor spaces, as well as upgrading corridors and expanding conference facilities. The entry will open to East Paces Ferry, which is under an expansion process through the Buckhead Community Improvement District.
The 34-story asset offers tenants a wide array of amenities including concierge services, on-site dry cleaning and a fitness center, bike storage and showers. Located at MARTA’s Lenox station, the property provides direct access to public transit. Atlanta Plaza’s varied roster features tenants such as Salesforce.com, RentPath, Securities and Exchange Commission, Wells Fargo and Rubicon.
According to Yardi Matrix, Banyan Street Capital acquired the property in a joint venture partnership with Oaktree Capital Management for $137 million in August 2016. Since the purchase, CBRE Senior Vice President Chris Port and Associate Nicole Goldsmith have spearheaded marketing efforts on behalf of ownership.
“The timing with renovations at Atlanta Plaza and the Buckhead CID’s road improvements align perfectly, furthering increasing the appeal of this building and the submarket. Keeping the brand of the building intact, while seamlessly adding technology infrastructure and tenant comforts will be critical in ensuring the success of the renovation efforts,” said Port, in prepared remarks.
Atlanta Plaza has multiple ingress and egress points to Interstates 84 and 85, as well as Georgia State Route 400. Additionally, the property sits along the PATH400 Greenway Trail, a multi-use trail under construction which will connect to parks, multifamily buildings, restaurants and retail venues.
Renderings courtesy of Banyan Street Capital