ATLANTA (May 14, 2014) – The office tower at 3630 Peachtree, also home to the Ritz-Carlton Residences, took longer than expected to lease up. But that probably won't stop owners Pope & Land and Duke Realty from reaping a record price when the office portion is sold.
And that sale might be imminent, according to Jarred "Scoop" Schenke of Bisnow Atlanta. Schenke reported today that Chicago-based investor Heitman has contracted to buy the 3630 Peachtree office space for $380 a square foot, which would smash the previous high of $346 a foot set when REIT Parkway Properties acquired the office portion of 3344 Peachtree, also home to Sovereign condominium.
In December 2010, Skyline Views was the first to note that Parkway's acquisition would set the new price-per-square-foot record in tony Buckhead.
This does make me think that office towers with high-end condos and amenities in the same building might be the new standard-bearer in office sales in Atlanta.
We'll be watching for official confirmation of the 3630 Peachtree sale. It would be a good sign to see Heitman make such a big bet on Atlanta commercial real estate.