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ATLANTA-Locally based investment firm Day Capital Partners LLC has acquired a 10-story, 116,000-sf office building at 1447 Peachtree St. from ITW Mortgage Investments IV on behalf of a private partnership.

The sales price of the property was not released due to a confidentiality agreement with the seller. Robert Day and Joe Wilen represented Day Capital Partners and Gary Lee and Andrew Murphy, of Carter, represented the seller. “1447 Peachtree is a class B building in a class A location,” Day tells GlobeSt.com. “We intend to do some work and retenant the building at higher rates and create value.”

Day Capital plans to spend $5 million to reposition the asset. Work that will be done includes installation of a new mechanical system, window replacement and other cosmetic changes. Work is expected to begin by the end of the year, Day says. The company has hired Lincoln Property Co. to assist in the renovation and repositioning of the building. Lincoln will also handle the leasing and management of the building. The building is currently 45% leased, with tenants including the Museum of Contemporary Art and numerous small professional firms. The Lincoln Property Co. team of Leigh O’Reilly and Hunter Henritze will have responsibility for leasing the remaining 65,000 sf.

The building is located near the intersection of Peachtree and West Peachtree streets in the city’s Midtown section. It is in close proximity to Ansley Park and to the retail and hotel amenities of Atlantic Station via direct access to the 17th Street Bridge. “1447 Peachtree represents a great opportunity to take a physically sold building, well located on Peachtree Street in Atlanta’s most dynamic market and create tremendous value,” says Day.

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