News
REGENT'S REIGN
May 31, 2011
| 3330 Peachtree is no toddler, but its sale is a sign that the next office development cycle in Buckhead has taken its first steps. | |||
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| We spoke with Regent Partners' David Tennery who tells us the firm is under contract to buy—in partnership with Pope & Land—the five-story, 60k SF office building owned by RREEF in Buckhead. 3330 Peachtree had been used by the American InterContinental University but is now empty. In turn, Regent will redevelop the property as a mixed-use office-focused project, perhaps similar to its successful 3344 Peachtree project, either using the existing structure or tearing it down and developing something larger, David says. ?We want to put the site into play sooner rather than later." | |||
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| Here's Regent's most successful project, 3344 Peachtree. The developer was one of the first out of the box in the last round of new towers in Buckhead. Regent not only filled 3344 Peachtree up first but also recently sold it for record pricing to Parkway Properties. And Pope & Land is still working to lease up its Buckhead tower 3630 Peachtree. That being said, David says what the developer won't do this time is spec. But he says getting an anchor tenant and pre-leasing is ?absolutely achievable in this environment,? adding that any significant user, whether it be hospitality, retail or office anchor, could kickstart the project. Well, as we said the last time, let the games begin! |
