Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ATLANTA-Locally based-Plato Industries, an investment group headed by Stacy and Manny Fialkow, has purchased the Cornerstone Building in Downtown Atlanta for $5.7 million, or a little better than $73 per sf.

Known as the home of Atlanta’s Hard Rock Cafe, the four-story, 77,691-sf property is just 34% occupied. It stands at the corner of Peachtree Street and Andrew Young International Blvd. and contains a mix of office and retail space, which included a Woolworth store until the nationwide five-and-dime chain closed its doors in the late 1990s.

The Fialkows are reportedly seeking primarily retail tenants. Buffalo, NY-based HSBC Realty Credit Corp., the US REIT affiliated with London-based HSBC Holdings plc, sold the property.

Kris J. Cooper, Margaret Caldwell and Dean McNaughton of the Atlanta office of New York-based Cushman & Wakefield, represented the seller in the transaction. The price for a 34%-occupied property “speaks to the strength of this location,” Cooper says in a printed statement.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper


Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2021 ALM Media Properties, LLC. All Rights Reserved.