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An area of office space in Atlanta has formed the bulk of a property transaction in the city worth a total of some $167.3 million, it has been revealed.
Parkway Properties has acquired 484,000 sq ft of commercial space used primarily for offices but also for a variety of retail purposes at 3344 Peachtree in the Buckhead area of Georgia’s capital city.
The 50-storey site was developed by Regent Partners back in 2008 and also incorporates several dozen residential condominiums, of which Parkway will not take ownership.
Office space at 3344 Peachtree is reportedly 97 per cent occupied by a combination of local operators and businesses with a worldwide profile, which the site’s new owners have taken as a reflection of the quality of the building and the strength of the Buckhead office market.
“We believe in the long-term investment value and performance of the Buckhead sub-market of Atlanta, and the quality and location of 3344 Peachtree are unmatched within that area,” Parkway’s president and chief executive Steven G Rogers made clear.
“3344 Peachtree is one of the premier office properties in Atlanta. We are glad to complete this purchase and officially add this asset to our portfolio,” he added.
Parkway Properties is a real estate investment trust that has acquired the mixed-used Atlanta site via what it refers to as Fund II, a pot of money ear-marked primarily for office space acquisitions in south-western American cities including Houston, Orlando, Tampa, Nashville, Phoenix, San Antonio and Memphis.
The organisation owned an aggregated total of roughly 13.7 million square feet of office space as of January 21st 2011.