Published on June 5th, 2018 |0
PM Realty Group eyes apartment skyscraper for mystery Buckhead site
One of Atlanta’s largest office landlords, Houston-based PM Realty Group, is eyeing a new Buckhead project—an apartment skyscraper that will reach for the skies—but it has not disclosed the parcel it is negotiating to buy, according to the Bisnow real estate news service.
The venture in Metro Atlanta’s financial hub will feature PMRG’s multifamily debut in the city, Chairman Rick Kirk told Bisnow. If the undisclosed land deal closes, PMRG’s multifamily
division would then spearhead an apartment tower, akin to one it recently completed in Denver called The Confluence, Kirk said.
“This is very preliminary,” he told Bisnow. “There are a lot of studies that need to be done to prove this out.” Kirk declined to identify the site PMRG is in talks to acquire, nor did he reveal many details on its planned multifamily project, other than it would be a skyscraper.
“It’s going to be awhile. I doubt that it will be this year,” Kirk said.
The firm’s 35-story The Confluence apartment in Denver includes a heated outdoor pool and hot tub, skyline lounges, a fitness facility, and a bike- and ski-maintenance center as well as an REI store on the ground floor. For Atlanta, it could be some time before PMRG breaks ground on the project.
PMRG’s Atlanta division leases or manages more than 30 office properties around the metro area, including Techrise in Buckhead, Mansell One and Two in Alpharetta, and Midtown’s Ten Peachtree Place, 999 Peachtree St., Pershing Park Plaza and Ten 10th St.
The firm also co-owns 3379 Peachtree, a nine-story, 126,000 square-foot office building off Peachtree Road in Buckhead formerly known as the Peachtree Lenox Building. PMRG purchased it,
along with Boston-based The Roseview Group, in 2015 for more than $20 million. PMRG has recently tapped CBRE to sell the building, now more than 90 percent leased after a multimillion-dollar renovation, according to Bisnow.
PMRG itself also is in the process of merging with D.C.-based Madison Marquette, which will create a $7 billion real estate powerhouse with hundreds of properties across the country, Bisnow reported. Kirk recently told Bisnow that the merger allows his company, which has a large presence in the southern U.S., to gain a foothold on the East Coast and West Coast and to improve its multifamily and retail prowess.
“Our services were very complementary, and our geographic regions were very complementary; there’s not a lot of overlap in either of those,” Kirk said. “We’ve got all the pieces together for a real machine.” The merger is expected to close within the next three weeks, as the companies iron out the last technical details and finalize the contracts.
While PMRG has yet to design the Atlanta apartment tower, Kirk said it would likely be geared toward a younger, millennial renter. “I think it would be a very unique project to Atlanta,” he said.