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ATLANTA-Regent Partners LLC has closed on a 4.5-acre tract, the last remaining undeveloped land abutting its $300-million Tower Place. The Peachtree Street tract is zone for 1.5 million sf.

In addition to the dirt, the locally based Regent Partners has secured the air rights in the acquisition from TRC Two Capital City Plaza LLC. The final price couldn’t be obtained prior to publication.

The land’s present use is extra parking for Capital City Plaza, but that’s about to change. Regent plans to extend Tower Place Drive and create a courtyard-style gateway to the tract’s interior. “It will allow us to fulfill our vision for the Tower Place development and continue to enhance the work/life experience of the Buckhead community with architecturally significant development in a timely and well-planned manner,” David Allman, Regent’s chairman, says in a press release about the acquisition. “It will make an excellent corporate headquarters for an organization seeking a marquee building.”

In the release, Allman says the mixed-use vision presently calls for hotel, office and residential uses. “Nothing is firm as of yet,” he says.

Regent broke ground in the spring on the 1.7-million-sf Tower Place, a mix of retail, residential, hotel and 900,000 sf of landmark office space in a pair of towers at 3344 Peachtree St. It will deliver in 2008.

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