Revamped Office Asset to Become Salesforce Tower Atlanta
- Oct 23, 2018
Banyan Street Capital and Oaktree Capital Management have completed a comprehensive renovation program at a Class A office tower previously known as Atlanta Plaza in the Buckhead submarket of Atlanta. The partnership arranged a long-term renewal and expansion with Salesforce, which secured naming rights for the building. The LEED Silver–certified property will now be known as Salesforce Tower Atlanta.
Located at 950 E. Paces Ferry Road, the roughly 632,000-square-foot building is also home to tenants such as Wells Fargo, Securities and Exchange Commission and Fannie Mae, according to Yardi Matrix. After completing the improvements over the past 18 months, the ownership has closed more than 185,000 square feet of new leases and renewals including Ademco, KOTRA and Scicom.
Upgrades include a transformed main lobby, renovated facade with matching multi-tenant corridors, elevator cabs, new cafés and enhanced connectivity with the Lenox MARTA station. Additionally, a new Wildleaf location will open in the lobby in early 2019 that will feature a coffee bar through the day and beer and wine service in the evenings. Further renovations are underway to refurbish the existing café and outdoor patio.
CBRE Senior Vice President Chris Port and Senior Associate Nicole Goldsmith advised Banyan and Oaktree in the lease negotiations.
“Our investment strategy is reflective of the market’s growth patterns and modern workplace demands. At Salesforce Tower Atlanta, we prioritized access to mass transit and curated highly amenitized common areas that add value for our tenants,” said Zac Gruber, managing director at Banyan Street Capital, in prepared remarks.
Image courtesy of Yardi Matrix