New Owner to Renovate Peachtree St. Office
- Dec 16, 2015
Atlanta—The former home of Rosser International, an Atlanta-based architectural and engineering firm, at 524 West Peachtree St. in Atlanta recently changed hands. The new owner, 524 Peach LLC, intends to redevelop the asset into a luxury hospitality property. Avison Young’s Atlanta office brokered the $4.4 million sale—a team led by Matt Tritschler, Phil Barry and Hilton Barry represented the sellers, Marconi Park LLC and Quarry LLC, in the transaction.
This transaction seems to be a sign of the Midtown Atlanta development boom moving toward the downtown side of the neighborhood, known as SONO (South of North Avenue), according to Curbed Atlanta. The development will help connect Midtown and downtown, linking the entire length of Peachtree Street into one mass urban area for the first time since The Connector was built in the 1950s.
Originally constructed in 1928, the 524 West Peachtree St. office building is located on a half-acre site and measures 63,000 square feet in total. Once renovated, it will reopen as a 175-room, eight-story upper-midscale hotel. Its Midtown location, in close proximity to public transportation, grants quick access to leading medical facilities, universities and retail centers. Georgia Institute of Technology, Technology Square, Emory Hospital, Emory Proton Therapy Center-Winship Cancer Institute and Georgia World Congress Center are all within easy reach of the location.
The hotel is expected to be operational in the summer of 2017.
Photo credit: Google Maps