Parmenter Realty Sells Buckhead Tower in Atlanta
- Aug 24, 2018
TPA Group has acquired Buckhead Tower at Lenox Square, a 348,000-square-foot, Class A office tower in Atlanta’s Buckhead submarket, from a joint venture led by Parmenter Realty Partners Fund IV, for a reported $96.5 million.
HFF brokered the transaction, representing the seller and arranging acquisition financing for the buyer through MetLife Real Estate.
Located at 3399 Peachtree Road NE on 1.96 acres, Buckhead Tower stands 19 floors and boasts a fitness center, a full-service café, structured parking and 24/7 controlled access. The tower is connected to the Lenox Square Mall and the JW Marriott Hotel.
Positive absorption in Buckhead
According to Colliers International’s latest Atlanta office market report, Buckhead posted its strongest absorption in almost four years in the first quarter of 2018, with occupancy increasing by more than 188,000 square feet. Thanks to that demand, the Class A average rental rate in Buckhead increased 1.6 percent from the previous quarter and with no new construction on the immediate horizon, landlords remain confident on market conditions and rents are expected to continue growing over the course of the year.
The property is nearby both GA-400 and Interstate 85 and offers direct MARTA and BUC bus transit options.
The HFF investment advisory and debt placement teams associated with the deal included Richard Reid, Ed Coco, Ryan Clutter and Dek Potts, all senior managing directors, along with Ralph Smalley, managing director.
In February, HFF’s Investment Advisory group represented Parmenter Realty Partners in the $70.5 million sale of the three-building, Class A Brookhollow Central I, II and III in Houston’s North Loop. In July, Parmenter Realty Partners appointed Avison Young to oversee the leasing of a 207,291-square-foot office building in Atlanta’s Central Perimeter submarket.
Image courtesy of Yardi Matrix