Trophy Tower 999 Peachtree Hits the Market
- Jul 24, 2012
By Georgiana Mihaila, Associate Editor
Jamestown Properties, the company that bought the former First Union Plaza in 2007 for approximately $127 million, is now seeking a buyer for the iconic 28-story Midtown tower.
A year after the purchase, owner Jamestown Properties had hired Atlanta-based Cousins Properties to manage, lease and enhance the 999 Peachtree Street building; on top of enlarging the retail portion—prominently located along the Midtown Mile—the companies have implemented various sustainability initiatives, such as water reclamation systems, a bike-share program and a partnership with a local community-sponsored agriculture program.
As a result, the building has been awarded the U.S. Environmental Protection Agency’s ENERGY STAR designation, as well as LEED Silver for existing buildings.
The building’s occupancy has also experienced significant improvement; in February 2007, when Jamestown acquired 999 Peachtree from Childress Klein Properties, the 621,000-square-foot tower was 83 percent leased, while currently occupancy is up at 94 percent. Atlanta-based law firm Sutherland Asbill and Brennan LLP is still the anchor tenant, but Jamestown has added new tenants such as Gensler and Oxford Industries, as well as retail brands Clothing Warehouse and En Paris.
The building is also home to the exclusive Peachtree Club and the Empire State South restaurant, run by award-winning chef Hugh Acheson. Other amenities include a state-of-the-art conference center fitness center, dry cleaning, banking, and car care service. 999 Peachtree is served by a nine-story parking garage connected to the building by a covered walkway.
According to the Atlanta Business Chronicle, Jamestown is seeking a target sale price north of $160 million, with a price per square foot in the mid $200s. Eastdil Securities has been selected by the owner to market the building.
Image Courtesy of 999peachtree.com
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