Published on July 10th, 2015 |0
Buckhead’s Peachtree Lenox building has sold for $21.3 million
The familiar but older Peachtree Road office building marks the first Atlanta acquisition for the fund, which was formed to buy and reposition office properties across the United States. PMRG’s Atlanta office will oversee property management and leasing of the building.
The Peachtree Lenox building reportedly is slated for several million dollars of upgrades including an architectural redesign of the lobby and common areas.
The building is 81 percent leased and counts among its tenants Branch Banking & Trust (BB&T), Bosley Medical, Randstad Staffing, Martenson, Hasbrouck & Simon and Withrow, McQuade & Olsen.
Developed in 1964, Peachtree Lenox is in the heart of Buckhead’s central commercial district, next to the W Hotel, The Westin Hotel and Atlanta Financial Center. The Financial Center reportedly is about to go on the market, and could sell for about $270 to $280 a foot.
Since the beginning of 2014, One Buckhead Plaza, Pinnacle, and 3630 Peachtree have all been acquired for more than $300 a foot. Monarch Center, another Buckhead office development that is hitting the market, reportedly could fetch offers for more than $310 a foot.