CBRE announced today the sale of 100 Peachtree, one of Atlanta’s most-recognized and iconic office towers. The building traded from Five Mile Capital Partners and Equitable Real Estate Partners to Zeller Realty Group. This marks the second Atlanta-based acquisition for Zeller Realty Group, the owners of Premier Plaza in the Central Perimeter submarket.
“Atlanta is a top investment market, with the second-highest percentage of job growth and a low cost of doing business, all reasons why investor interest in 100 Peachtree was strong,” said Will Yowell, CBRE Vice Chairman. “Investors recognize the stability and growth opportunity in Atlanta, with the creation of 244,000 jobs and unemployment rate of below 5% over the last three years.”
Designed by world-renowned architectural firm Skidmore, Owings & Merrill and developed by AXA Equitable Life Insurance Company as its Southeast headquarters in 1969, the 33-story, 622,084-sq.ft. 100 Peachtree building is 82% leased. Previous ownership undertook an extensive renovation over the last five years, including complete window replacement with LEED compliance, a restored lobby, re-energized plaza area, tenant build-outs and major mechanical replacements.
The building includes a diverse tenant base, including the fastest growing software company in Georgia, CallRail; Accenture, voted best IT consulting company; Koch Industries; Georgia’s Own Credit Union; McGuireWoods law firm; and the Atlanta BeltLine, among others. Many have committed to 100 Peachtree for long term leases.
Situated in Downtown Atlanta, 100 Peachtree benefits from its position as one of the nation’s most resilient markets, per a recent CBRE study. The acquisition comes as the Atlanta CBD’s momentum increases, including nearly $5 billion of public and private investment around catalyst projects: The Mercedes-Benz stadium, redevelopment of Underground Atlanta and Turner Field, growth of bike-share programs and new restaurants and retail amenities.
CBRE’s Will Yowell, Jay O’Meara and Justin Parsonnet represented Five Mile Capital Partners and Equitable Real Estate Partners. Zeller principals Bill Rogalla and Mark Vollbrecht represented the buyer.
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (based on 2016 revenue). The company has more than 75,000 employees (excluding affiliates), and serves real estate investors and occupiers through approximately 450 offices (excluding affiliates) worldwide. CBRE offers a broad range of integrated services, including facilities, transaction and project management; property management; investment management; appraisal and valuation; property leasing; strategic consulting; property sales; mortgage services and development services. Please visit our website at www.cbre.com.
