Blackstone Announces Purchase of Prime Buckhead Site and Plans for Its Development.ATLANTA--(BUSINESS WIRE)--June 3, 1998--The Blackstone Group Blackstone Group L.P. (NYSE: BX) is a prominent private equity and investment management firm founded in 1985 by Peter G. Peterson and Stephen A. Schwarzman. The company is based in New York City, in River House on Park Avenue at Fifty-first Street, with offices in Atlanta, announced today the acquisition by its real estate investment affiliate of 12.53 acres in Buckhead from The Prudential Insurance Company of America. The site is adjacent to the Grand Hyatt Hotel in Buckhead and is centrally located in one of Atlanta's most sought-after real estate submarkets. Blackstone is already a significant investor in the Atlanta area, with prior investments including the Grand Hyatt Hotel and Swissotel in Buckhead, and the Four Seasons Hotel in midtown Atlanta  should be added to this article, to conform with Wikipedia's Manual of Style.Please discuss this issue on the talk page. . The internationally renowned architectural firm An architectural firm is a company which employs one or more licensed architects and practices the profession of architecture. History Architects (master builders) have existed since early in recorded history. The earliest recorded architects include Imhotep (c. of Kohn, Pederson & Fox has been working with Blackstone on plans for this prime site located at the corner of Peachtree and Piedmont Piedmont, region, Italy Piedmont (pēd`mŏnt), Ital. Piemonte, region (1991 pop. 4,302,565), 9,807 sq mi (25,400 sq km), NW Italy, bordering on France in the west and on Switzerland in the north. . This site is currently zoned for 3.0 million square feet of office space. Blackstone hopes to work with zoning officials to develop a plan for changing the zoning to a more appropriate scale Class A mixed use project. "We are quite familiar with traffic and other infrastructure concerns as a result of our existing investments in Atlanta, and our plans for the Buckhead site take these constraints into account," noted George A. Carras, Managing Director with Blackstone Real Estate Advisors. "The project we are proposing will be pedestrian friendly, enhance the vitality of the area and accommodate the needs and concerns of neighboring neigh·bor n. 1. One who lives near or next to another. 2. A person, place, or thing adjacent to or located near another. 3. A fellow human. 4. Used as a form of familiar address. v. owners and businesses. We are eager to work with our neighbors and the zoning board as we proceed with our plans." "The site, you might say, is on the corner of Main & Main," said Parker Johnson of Atlanta-based Monarch Partners, who served as Blackstone's broker in this transaction. "Blackstone's plans are just what we need for this site." Blackstone Real Estate Partners' funds and other affiliates of The Blackstone Group currently hold approximately $5.5 billion worth of real estate assets, including buildings representing over 10 million square feet of office space in the United States United States, officially United States of America, republic (2005 est. pop. 295,734,000), 3,539,227 sq mi (9,166,598 sq km), North America. The United States is the world's third largest country in population and the fourth largest country in area. and Europe, as well as significant interests in leading hotels and hotel companies. Blackstone recently announced its acquisition of The Savoy Group, which includes several of London's most famous and prestigious hotels (The Savoy, Claridge's, The Berkeley, and The Connaught). The Blackstone Group was founded in 1985 by its current Chairman, Peter G. Peterson, and its current President and CEO (1) (Chief Executive Officer) The highest individual in command of an organization. Typically the president of the company, the CEO reports to the Chairman of the Board. , Stephen A. Schwarzman Stephen A. Schwarzman (born 14 February 1947) is the Chairman and co-founder of the Blackstone Group private-equity firm. Early life and education Schwarzman attended the Abington School District in suburban Philadelphia and graduated from Abington Senior High School. . Real estate is one of five business areas at The Blackstone Group. The firm is also the sponsor of the largest private equity fund raised in 1997, Blackstone Capital Partners III, with approximately $4 billion of available equity capital for corporate investments. Blackstone is also a leader in cross-border Mergers & Acquisitions, Restructuring restructuring - The transformation from one representation form to another at the same relative abstraction level, while preserving the subject system's external behaviour (functionality and semantics). and Reorganization, and Liquid Alternative Asset Management.
CONTACT: George A. Carras
Managing Director
The Blackstone Group
(212) 833-9595
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