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Fairlead Buys 34 P'Tree

Fairlead Buys 34 P'Tree

jeff shaw

Fairlead Commercial Real Estate's Jeff Shaw is at it again. Coming off the buy (in a JV with The Creations Group) of 34 Peachtree, a 283k SF tower in Downtown Atlanta that fell into foreclosure earlier this month, Fairlead purchased a  mortgage note for $11.9M, or $39/SF, from an investment entity out of Asia. The prior ownership paid $28.2M for the property in 2005.
34 Peachtee 1
While the property is 66% leased, Jeff says the low basis, area tax incentives, and the coming street car should boost tenant demand. (As well as years of Rice-a-Roni jokes by us.) "We expect to  finalize 120k SF in lease transactions in the coming months," he says. Jeff and Fairlead's Jim Caswell are leading the leasing efforts.