Parkside principal Kyle Jenks wouldn't disclose the seller's name or price paid for the one-acre parcel, but area brokers familiar with commercial land prices in Buckhead tell GlobeSt.com the price was at least $500,000 or about $11.48 per sf. Brokers based their estimate on recent Buckhead area closed and pending sales whose prices ranged from $750,000 to $4 million per acre. Parkside's one-acre parcel is zoned for up to 31,500 sf of office space.
"We felt like this project would be successful either as an office condominium or as a single-user building because there is very little zoned land in Buckhead for a free-standing office building of this size," Jenks says. "We have had a tremendous response from companies desiring to own their own office space, either in small increments or in an entire building."
Parkside had previously planned on developing a two-story speculative office building on the site. Harry Norman Realtors had considered numerous Buckhead sites for its expansion and housing of 150 metro area sales agents.
"We were intrigued by the opportunity presented to us by Parkside Partners because it has enabled us to participate in the design and development process, and in the end, own a very attractive building built specifically for our needs," says Amy Norman, vice president of corporate development at the real estate firm.
Harry Norman Realtors has a total 900 agents. The company posted $3.1 billion in 2003 gross residential sales volume.
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