PREI Buys Ten Peachtree Place, Plans to Achieve LEED Silver for the Property
- Jun 01, 2012
Prudential Real Estate Investors has recently acquired midtown Atlanta’s Ten Peachtree Place, a fully leased, 20-story, Class A office tower. Acting on behalf of a German institutional advisor, Prudential Real Estate Investors—the real estate investment management and advisory business of Prudential Financial, Inc.—has bought the building from a venture managed by Cousins Properties for an undisclosed amount.
Originally built in 1989, Ten Peachtree Place serves as corporate headquarters and flagship office to AGL Resources, Inc., one of the largest natural gas distributors in the U.S. Designed by world-renowned architect Michael Graves, the 260,000-square-foot building features a polished red granite exterior with reflective glass and a 30-foot-high granite arch and bronze entry door panels at the main entrance.
The building underwent a $30 million renovation in 2002, winning several awards for its design, including the American Society of Interior Designers (ASID) Gold Award for Corporate Projects and The Office Building of the Year (TOBY) Award for the region presented by the Building Owners and Managers Association (BOMA) International. While the 2002 renovation was mostly focused on the building’s interiors, a new $1.2 million renovation currently underway aims at achieving LEED Silver status for the building.
On top of the 20-story office building, the property includes an adjacent annex building with more than 3,000 square feet of rentable space and a 4.23-acre gated parking lot.
“This acquisition provides the rare opportunity to invest in a high quality, institutional grade asset, in one of Atlanta’s true transit-oriented, urban environments,” said Barry Howell, a principal with Prudential Real Estate Investors. “The location, in Atlanta’s vibrant Midtown submarket, offers unparalleled access to transit, retail, restaurants, hotels, residential and premier cultural offerings. We expect this investment to provide long-term stability and value for our client.”
Prudential Real Estate Investors has retained Cousins to manage the property.
Images Courtesy of Cousins Properties Official Website
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