Fund Starts Strong in the Big Peach
- Jul 14, 2015
By Balazs Szekely, Associate Editor
A $250 million discretionary fund opted for Atlanta for its third acquisition. Roseview-PMRG Fund I, LLC purchased the nine-story Peachtree Lenox building in Atlanta’s Buckhead submarket. Formed in July 2014 by Houston-based investor PM Realty Group and national real estate company The Roseview Group, the fund closed two transactions so far and this latest one marks their entry into the Atlanta real estate market. The Class A, 125,669-square-foot office building changed hands for $21.3 million.
Built in 1964, Peachtree Lenox is situated directly between the W Hotel and Westin Hotel, near Lenox Mall and the Atlanta Financial Center on Peachtree Road. Its location provides good accessibility from the CBD as well as the Central Perimeter submarket through the Buckhead Loop, GA 400 and the Buckhead MARTA station. The building is currently 81 percent leased and the tenant index includes high profile companies such as BB&T, Bosley Medical, Randstad Staffing, Martenson, Hasbrouck & Simon and Withrow, McQuade & Olsen.
The fund was formed to acquire and reposition office properties across the United States and consequently the building will undergo a series of upgrades worth “several million dollars,” according to a recently issued press release. The renovations will include the architectural redesign of the lobby and all common areas and the modernization of the elevators, the HVAC system and other building installations.
PMRG’s Atlanta office will oversee property management and leasing of the building.
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