A landmark six-tower office complex in downtown Atlanta, designed by the legendary architect John Portman to signal the city’s arrival on the national stage, has been listed for sale by JLL.
The six Peachtree Center buildings have been publicly appraised at a total of $121 million, according to JLL. But the company said ownership would entertain offers on all of Peachtree Center or its individual components.
The complex is “likely to trade at a discounted basis,” JLL noted, adding that it offers an “Atlanta Project of scale at a highly attractive basis, flexible business plan, and significant value creation potential.”
It is centrally located on Peachtree Street in the heart of downtown, adjacent to several hotels that primarily serve conventioneers. The buildings contain 2.5 million square feet of office space and a 115,000-square-foot food hall; they span three city blocks. Skywalks allow quick and easy access to each building without requiring visitors and tenants to ever leave the complex.
Built between 1967 and 1988, the complex’s design was considered iconic by many. But it was also the subject of much controversy, including from distinguished urban planners who faulted its orientation away from street life toward the interior.
A former owner, Banyan Street Capital, defaulted on the mortgage in 2022 and it is currently managed by special servicer Torchlight Investors. JLL Senior Managing Director Richard Reid said the CRE investment manager is pursuing a sale “to return capital to the CMBS bondholders who are expecting a timely repayment of their debt investment,” according to CoStar.
According to a report on the Atlanta market by Transwestern, the leasing agent for Peachtree Center, 5.3 million square feet of office space was available in downtown Atlanta in 2Q 2025; the direct vacancy rate was 25.7% and the total availability rate was 35.8%. Year-over-year net absorption fell by 828,600 square feet and full-service asking rent was $31.50 per square foot, up 1.1% since 1Q 2025.
The sale announcement comes at a time when efforts to revitalize and reimagine Atlanta’s central business district are moving into high gear, with different approaches on the north and south sides. In the southern part of the area, the $5 billion Centennial Yards mixed-use development that includes multifamily, retail, a hotel and an entertainment complex, is under construction; an original plan to include office space has been postponed due to the tepid state of the office market. South downtown is also the location of a startup incubator, Atlanta Tech Village, aimed at transforming 10 blocks in the city's historic commercial core into a hub for startups and entrepreneurs.
At the northern end of the central business district, a project called The Stitch is planned to reconnect downtown with Midtown Atlanta by creating approximately 17 acres of urban greenspace and transportation enhancements atop a new, 3⁄4-mile platform spanning the Downtown Connector. It is also intended to open up developable land for housing.
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