Buckhead's City Center Site Set for Office Tower Development

Strategic Insights -

Kim King, a member of the team that assembled the 16-acre City Center tract in Buckhead 15 years ago, believes the site is prime for an office tower development. The tract, situated at the intersection of Buckhead's two main thoroughfares and equidistant to Lenox Square mall and West Paces Ferry, is ideal for office space, according to King. Blackstone Real Estate Advisors and Hines have formed a partnership to begin construction on a 500,000-square-foot office tower on the site as soon as they sign a lead tenant. The site's proximity to Ga. 400 and accessibility to the Buckhead Loop (now Lenox Road) make it an attractive location for office space, King said. This marks a revival of the site, which had a grand vision for five office towers ranging up to 55 stories and containing 4.6 million square feet of space in the 1980s.

Key Takeaways:

  • The 16-acre City Center tract in Buckhead has been acquired by Blackstone Real Estate Advisors and Hines for an office tower development.
  • The site, situated at the intersection of Buckhead's two main thoroughfares and equidistant to Lenox Square mall and West Paces Ferry, is ideal for office space.
  • The site's proximity to Ga. 400 and accessibility to the Buckhead Loop (now Lenox Road) make it an attractive location for office space.
  • The partnership is considering how to develop the land that will not be used for the office tower, One City Center.
  • Kim King, a member of the team that assembled the tract 15 years ago, believes the site is prime for an office tower development.
  • The tract had a grand vision for five office towers ranging up to 55 stories and containing 4.6 million square feet of space in the 1980s.
  • Prudential Insurance Company of America purchased 12 acres of the 16-acre tract in 1998 from King and Anderson for $2.6 million an acre.
  • The company that assembled the tract, King and Anderson, had doubts that Prudential could make the project a reality when they sold the land to Prudential in 1985.
  • Blackstone and Hines are ready to revive the site 10 years after the hotel component was built.

Statistics:

  • The 16-acre City Center tract was acquired by Blackstone Real Estate Advisors and Hines for an office tower development.
  • The site is situated at the intersection of Buckhead's two main thoroughfares.
  • The office tower will be 500,000 square feet in size.
  • The tract had a grand vision for five office towers ranging up to 55 stories and containing 4.6 million square feet of space in the 1980s.
  • Prudential Insurance Company of America purchased 12 acres of the 16-acre tract in 1998 for $2.6 million an acre.
  • The tract was assembled by King and Anderson from 1983 to 1985.

Sources:

  • "Ex-owner says City Center 'prime' for offices" - Atlanta Business Chronicle (unspecified date)
  • "Tech specialists join Staubach Co." - Atlanta Business Chronicle (unspecified date)
  • "SOUTHSIDE: Tenants fill Summit South Executive Enterprises' renovation" - Atlanta Business Chronicle (unspecified date)
  • "NORTHEAST: Duluth project wins OK" - Atlanta Business Chronicle (unspecified date)
  • "NORTH FULTON: Alpharetta firm expands" - Atlanta Business Chronicle (unspecified date)
  • "DOWNTOWN: Mixed-use plan progresses" - Atlanta Business Chronicle (unspecified date)
  • "PEOPLE: Atlantic Center marketer" - Atlanta Business Chronicle (unspecified date)