Franklin Street Buys Atlanta Office Tower from Jamestown for $158M
- Jul 05, 2013
Franklin Street Properties has purchased the Class A office tower at 999 Peachtree in Atlanta from Jamestown Properties, of Atlanta, for $157.9 million, Jamestown announced Monday.
The 28-story, 620,000-square-foot building is on Atlanta’s Midtown Mile, not far from Piedmont Park and is currently 94 percent occupied, anchored by Atlanta-based law firm Sutherland.
The seller, which was represented by Eastdil Secured, described the sale as “both a financial and strategic move.”
Since acquiring the tower in 2007, Jamestown added as tenants Gensler, Oxford Industries, Clothing Warehouse, En Paris and restaurant Empire State South.
The building’s repositioning prioritized the environmental side and sustainable practices, a Jamestown spokesperson told Commercial Property Executive. 999 Peachtree received LEED for Existing Buildings Silver certification and the Energy Star designation and features water-reclamation systems and a partnership with a local community-sponsored agriculture (CSA) program.
The building was also a 2009 finalist for the Clean Air Campaign’s PACE Awards, which recognize commuter-friendly workplaces. In addition to access to public transportation, the building provides a bike-share program and Zipcar.