TIER REIT Re-Enters Atlanta Market With Plans for Office Tower
The site is currently planned for the development of approximately 560,000 square feet of office space and is located along the pedestrian bridge to MARTA’s Buckhead station adjacent to a number of dining, retail, high-rise residential and hotels properties.
ATLANTA—A partnership of TIER REIT, Inc. of Dallas and locally-based firms Regent Partners and Batson Cook Development Co. have acquired a prime three-acre site on Peachtree Road. The site could add more than 500,000 square feet of new office space to the Buckhead market here.
The site is currently planned for the development of approximately 560,000 square feet of office space and is located along the pedestrian bridge to MARTA’s Buckhead station adjacent to a number of dining, retail, high-rise residential and hotels properties.
“We are pleased to re-enter the Atlanta market and reload our pre-development pipeline with this coveted real estate,” states Scott Fordham, CEO of TIER REIT. “We look forward to partnering with Regent Partners in seeking appropriate pre-leasing and developing a trophy office tower on one of the best remaining land opportunities in Buckhead.”
No financial terms of the transaction were released. The property was acquired through a joint venture with an entity owned by Regent Partners and Batson-Cook Development Co.
According to TIER REIT’s website, the company’s only existing commercial office property in the Southeast is the Bank of America Plaza, an 891,000-square-foot office tower in Charlotte, NC.
The firm exited the Washington, DC market in 2017 with the sale of 1325 and 1341 G St., NW, which it owned with Westbrook Partners for $259 million.
In late January, TIER REIT sold Eldridge Place, an 824,000 square foot office campus in Houston for $78.4 million.
Also, in late January, Batson-Cook Construction broke ground on the Sandestin Hotel, a new luxury hotel in Miramar Beach, FL that will be located adjacent to the Baytowne Wharf Conference Center at Sandestin Golf and Beach Resort. Completion of the hotel is slated for April 2020.
The hotel, which will encompass a total of 246,665 square feet, will cost $56 million to construct, the company reported. The owner of the project is Sandestin Investments, LLC.