Pershing Park Plaza, an office building in Atlanta, GA. has been sold to Franklin Street Properties Corp. in a $45.5 million deal. Franklin Street Properties Corp. picked up the 160,000 sqf class A office building for $284 per sqf. Located at 1420 Peachtree Street, NE., the property is currently 97 percent leased to three tenants with international law firm Jones Day taking approximately 88 percent of the building. The investor anticipates spending $108 million in capital investments to the facility. “We are pleased to expand our footprint further in Atlanta, with our second investment in the dynamic midtown submarket. We believe that the acquisition of Pershing Park Plaza will provide additional opportunities for value creation by growing our midtown presence in Atlanta to over 780,000 rentable square feet, when combined with 999 Peachtree Street,” said chairman and CEO George J. Carter.
“Pershing Park Plaza is a trophy quality office property in a premier location that provides world-class companies with walkable access to many of the finest cultural attractions and amenities that Atlanta has to offer, as well as to MARTA light rail.”
