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Atlanta Plaza Owners Plan $7M Renovation 11 Months After $138M Purchase

Rendering of the renovated entryway for Atlanta Plaza, an office building owned by Banyan Street Capital

Barely a year after buying a major Buckhead tower, owners of Atlanta Plaza are changing its look.

Banyan Street Capital, along with its co-investor, Oaktree Capital Management, is renovating the 32-story office tower, including transforming the lobby and adding outdoor workspaces and other amenities. The two investors purchased the 632K SF tower, home to offices for Saleforce, Rubicon Global and the headquarters of RentPath, for $137.5M, or some $217/SF, in September 2016.

The owners tapped CBRE to lease the building, which has direct access to the Lenox MARTA station. The tower also is along PATH400, Buckhead's 5.2-mile greenway trail through the submarket.

The $7M renovation program is aimed at helping the owners lease up the remaining 20% of Atlanta Plaza's offices. CBRE officials said the renovations are expected to be completed by year's end.