Printer Friendly

Fairlead Commercial Real Estate/TCG Acquire 30 Story Office Tower 34 Peachtree in Downtown Atlanta.

Atlanta, GA, September 20, 2013 --( Fairlead Commercial Real Estate LLC and The Creations Group (TCG) have acquired 34 Peachtree, a 30-story office tower in Downtown Atlanta. The buyers, which purchased the mortgage note for $11.85 million ($39 per sf), acquired the office building in partnership with private investors based in Asia. The prior ownership had paid $28.25 million ($94 per sf) for the property in 2005.

Atlanta-based Fairlead Commercial Real Estate acted on behalf of the ownership entity, One Park Tower LLC, in the note acquisition, the foreclosure and the transition over to the new owner and operating company. The 282,589-square-foot office tower went into foreclosure September 3.

One Park Tower LLC acquired the note in an all-cash transaction. Cushman & Wakefield represented special servicer Midland Loan Services in the note sale.

Located at 34 Peachtree Street in the heart of Downtown Atlanta, the office building offers tenants access to a variety of restaurants, shops, parks, attractions and a nearby MARTA rail station (Five Points). The building is currently 66% percent leased.

“We are strong believers in the resurgence of downtown and saw the note acquisition as an excellent opportunity to expand the ownership's position in downtown Atlanta, as well to strategically invest in areas of growth,” said John Ward, Chief Investment Officer of Fairlead. “Investors are witnessing Central Atlanta Progress's revitalization efforts come to fruition after years of effort. The investment community is also encouraged by the significant influx of energy provided by the ongoing growth of Georgia State University, which leases space at 34 Peachtree as well as the recently purchased 55 Park Place, as other key properties along Woodruff Park.”

The Atlanta Streetcar project - a joint effort by Central Atlanta Progress, the City of Atlanta and other organizations - plans to open its first streetcar route in early 2014, a 2.7-mile loop that will pass near 34 Peachtree. In the nearby Centennial Olympic Park district, new attractions including the College Football Hall of Fame and the National Center for Civil & Human Rights will soon open beside the popular Georgia Aquarium and World of Coca-Cola.

The purchase of the property for $11.85 million places One Park Tower LLC at a very low basis and, in combination with existing tax incentives, will enable the owners to pass huge savings on to tenants. Fairlead Commercial Real Estate will be in charge of leasing and property management at 34 Peachtree, with the firm's President Jeff Shaw and VP of Leasing Jim Caswell leading the leasing efforts.

“This is an excellent value-add investment that provides Fairlead the opportunity to create value for the building's ownership partners through our leasing, property management and asset management services. We expect to finalize 120,000 square feet in lease transactions in the coming months,” Shaw said.

He added: “Fairlead and TCG are excited to participate in the ongoing rebirth of downtown. With its Peachtree Street address, the building provides a prime location for high-tech and other office tenants, offering them some of the best value in the region.”

Both TCG and Fairlead are fully engaged with neighborhood associations, Central Atlanta Progress, Invest Atlanta, and the City of Atlanta in an effort to engage with the community to co-invest in areas of growth and improvement. Their partnership is allowing for foreign private funds to enhance the longer term goals of downtown tenants, such as Georgia State University, and to support long-term redevelopment plans around Peachtree Street.

About Fairlead Commercial Real Estate

Fairlead Commercial Real Estate is a privately held real estate investment and operating company focused on commercial real estate. Headquartered in Atlanta, Georgia, Fairlead's ongoing objective is to acquire commercial real estate investments throughout the Southeast that provide attractive returns for our investment partners. The firm is currently focused regionally in the Southeastern United States on office and industrial properties, where value can be created by drawing on decades of experience and exceptional ability to lease, manage and/or reposition properties in desirable locations and proven markets. Drawing on the team's vast institutional and entrepreneurial experiences in commercial real estate, Fairlead is in the unique position to not only source opportunities, but to provide first class asset management, property management, and leasing under a wide range of criteria.

About TCG

TCG is a multi-disciplinary private investment and real estate management and development company with over 15 years of experience investing in the global real estate markets. TCG specializes in offering the following services to investors: Direct real estate investments, fund management, asset management, project management and research. Since 2003, TCG has invested in more than $300 million of real estate developments. TCG is headquartered in Hong Kong, and has local offices in Atlanta, GA (USA), Hong Kong (HK) and Melbourne (AU).

Contact Information:

The Gove Network

Steve Webb


Contact via Email

Read the full story here:
No portion of this article can be reproduced without the express written permission from the copyright holder.
Copyright 2013 Gale, Cengage Learning. All rights reserved.

Article Details
Printer friendly Cite/link Email Feedback (Press Releases)
Date:Sep 20, 2013
Previous Article:Spotlight 29 Casino Presents The Oak Ridge Boys Christmas Time's a Comin' Tour.
Next Article:Astute Networks Announces Fall 2013 Public Appearance Agenda.

Terms of use | Privacy policy | Copyright © 2019 Farlex, Inc. | Feedback | For webmasters