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Regent Partners has now taken on a third partner in an effort to launch a new Buckhead mixed-use tower.
Dallas-based Tier REIT is partnering with Regent and Batson-Cook Development to break ground on a 600-foot-tall tower in the heart of Buckhead's tony business district that will include 560K SF of office and 60 luxury condominium units. Terms of the deal were not disclosed.
“They're the equity to go vertical on this project,” Regent Partners Director Adam Allman said. “With Tier REIT, we are advancing on full construction drawings.”
If all goes well and construction begins by year's end, Allman said he expects the tower, which would be the tallest in Buckhead, to deliver in 2022.
"We are in conversations with lead tenant prospects and would anticipate having commitments in place prior to groundbreaking year-end," Allman said.
This is the latest in Regent's odyssey to get 3354 Peachtree off the ground since it developed 3344 Peachtree, the neighboring office tower with luxury condos atop it known as Sovereign.
Regent first announced plans for its follow-up in 2014, which at the time was said to cost more than $400M. In 2017, Regent brought Batson-Cook on as a partner.
Regent controls a 4-acre parcel behind Capital City Plaza that sits along the pedestrian bridge to MARTA's Buckhead station. The developers could go spec on the tower, which would make them the first in Buckhead to do so since Tishman Speyer started Three Alliance Center without any tenants in tow nearly five years ago.
Today, that building is not only stabilized with tenants Global Payments, Aon, State Street Corp. and CBRE, but it also sold for a record per-square-foot price last year to Stockbridge Capital Partners for $533/SF.
“We think the market is strong,” Regent Partners Chairman David Allman told The Atlanta Journal-Constitution. “It’s limited supply and there are limited good development sites in the financial district, the core commercial district of Buckhead.”
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