The Power of Buckhead Compels Them

Late yesterday, Parkway Properties, which set records with its purchase of 3344 Peachtree, almost reached that record again. The company purchased One Buckhead Plaza, the 462k SF office tower towering above Buckhead Village, for $157M, or $340/SF--nearing its record per SF price of $344/SF it paid for the other Buckhead tower in 2011. Let's let Parkway's CEO Jim Heistand (on left at a recent event with Parkway's Mike Fransen) give the explanation for its buy: "The building is located at 'main and main' in one of the most highly amenitized submarkets in the southeastern United States. Upon closing of the acquisition, we will own approximately 10% of the Buckhead office market, which continues to command the highest rents in Atlanta. We believe that current in-place rents at One Buckhead Plaza are below market rates and we see a great opportunity to reposition the asset and unlock embedded growth."

Continue reading this story with a free account

Log in or register
Sign up for more articles like this
Subscribe to Bisnow's Atlanta Newsletters
Related Stories

Dan Wagner To Head Lee & Associates In Atlanta: The Atlanta Deal Sheet

Gwinnett Mall Project Stands To Benefit From Georgia's Opportunity Zone Picks

Morningstar Releases New Details On Over 350K SF In Q3 Office Leases

Weil Gotshal Wind-Down Leaves 830K SF Hole In America's Office Market

'Distress Is Finally Trading': Investors Chasing Big Discounts On Boston Office

Office Recovery Moving Faster Than Expected, CoStar Finds

Georgia's Utility Board Race Could Reshape Nearly 20 GW Pipeline Of Data Centers

How Microsoft, Coca-Cola And Amazon Are Adapting Their Offices For AI Age

Hof Wonen Acquires 251 Social Rental Houses In New Mixed-Use Project In The Hague

Related, Oxford Land Tenant For Top Floors Of 70 Hudson Yards

BXP Execs See Better Returns In Building Offices Than Buying Them

Downtown Office Tower Sells At Foreclosure Auction For $260M