Piedmont Wraps Up Atlanta Tower Collection

The REIT’s latest purchase brings a portfolio of trophy office assets under single ownership for the first time.
The Galleria. Image courtesy of Piedmont Office Realty Trust

Piedmont Office Realty Trust has acquired two office towers comprising a total of 860,000 square feet within The Galleria, a mixed-use development in northwest Atlanta. The seller was the State Teachers Retirement System of Ohio, according to Yardi Matrix data.

Along with the two office properties—Galleria 400 and Galleria 600—Piedmont also purchased an adjacent 10.2-acre parcel of land, with a potential 1 million square feet of development, for a total of $231.2 million. The new acquisitions add to Piedmont’s existing ownership at the development, bringing the company’s footprint to 2.1 million square feet of office space across five buildings, with a total investment of just under $500 million. The new acquisitions consolidate the ownership of The Galleria portfolio to a single company for the first time.

READ ALSO: Piedmont Office Realty Expands in Atlanta With $95M Buy

The REIT made its first purchase of The Galleria office portfolio in 2015. Earlier this year, the firm purchased Galleria 100, a 414,000-square-foot, Class A office tower, for $95 million. Built in 1999, Galleria 400 is a 19-story office property comprising 432,000 square feet. Built in 2001, Galleria 600 is a Class A office building with 432,000 square feet spread across 19 floors.

The Galleria office complex is located about 12.5 miles northwest of downtown Atlanta and is situated just off the junction of interstates 75 and 285. Located within a mile from the office campus is The Battery, a mixed-use development that includes SunTrust Park, home to the Atlanta Braves baseball team, and the Coca-Cola Roxy Theater.

Last week, Trammell Crow topped out construction at Twelve24, a 335,000-square-foot, Class A office tower in the Dunwoody suburb of Atlanta. The project, which broke ground last year, will house the new headquarters of national staffing company Insight Global.