Office Building Bought for Almost $50M

A joint venture has closed on a near $50 million deal to purchase a 340,000-plus sq. ft. office building in the heart of Midtown Atlanta, according to a report.

1355 Peachtree Owner LLC, a partnership of Banyan Street Capital, Pacific Coast Capital Partners, and Oaktree Capital Managment, paid $48.6 million for The Peachtree office tower, located at 1355 Peachtree St. NE, Commercial Property Executive reports.

The office tower is currently at 91 percent capacity and bills itself as “the classic address for established and start-up companies seeking today’s brightest talent” on its website. The building includes a car detailing service, 24-hour security, a fitness center, an onsite cafe, and much more.

The building’s previous owners spent $3 million to upgrade The Peachtree’s existing features, including improvements to the elevators, lobbies, common areas, and on-site amenities. The work has paid off with more than 60,000 sq. ft. of space leased out in the last 6 months, Commercial Property Executive says.

A spokesperson for Pacific Coast Capital Partners told Commercial Property Executive that more than 720,000 sq. ft. of retail space has been leased in Midtown in the last three quarters.