Piedmont Office Realty expands in Atlanta
Piedmont Office Realty Trust Inc. has added to its holdings in its hometown with the acquisition of Galleria 100.
Galleria 100 is an 18 storey, 414 square foot office building in The Galleria master planned, mixed use development in northwest Atlanta. The property sold for $95.1 million.
The seller is a joint venture of Childress Klein and WHI Real Estate Partners LP. The seller paid $69 million for the tower in June 2017. Don Childress, senior managing partner at Childress Klein, developed Galleria 100 in 1982 while working for Trammell Crow. The building was 91 percent leased at the time of acquisition. Piedmont already owns the adjacent Galleria 200 and Galleria 300 properties, bringing its total ownership in the submarket to 1.3 million square feet.
The Galleria includes office and retail, a four-star hotel and the Cobb-Galleria Convention Center. It is the only Class A office product in the growing submarket, which has direct access to The Battery–a mixed-use center which includes SunTrust Park, home of the Atlanta Braves, and the Coca-Cola Roxy Theater.
Brent Smith, president & chief investment officer, said that the acquisition fits in with the REIT’s strategy of purchasing and concentrating properties in strategic submarkets with distinctive environments.
Source: CP Executive
Fulya Altunyay/ [email protected]