730 Peachtree Street Changes Hands in Atlanta
The new owner plans to reposition the asset and has selected Lincoln Property Co. to lead management and leasing efforts at the property.
By Timea Papp
730 Peachtree Street
Crestlight Capital LLC recently acquired a 217,090-square-foot office building at 730 Peachtree St. in Atlanta’s Midtown submarket. The Class B, 11-story property is currently 92 percent leased.
Lincoln Property Co. Southeast has won the exclusive leasing and management assignment of the asset. Senior vice presidents Hunter Henritze and Michael Howell, along with Senior Leasing Associate Caroline Cole will lead marketing efforts on behalf of the new owner. According to Yardi Matrix, the seller of the building is the Atlanta-based Simpson Organization, which purchased the asset in 2014 for $19 million.
730 Peachtree Street
Completed in 1965, the building offers loft office tenant build-outs with exposed ceilings and contemporary finishes. Amenities include on-site management office, shared conference center and training room, manned security with key card access, covered and surface parking, building café and sundry shop. Featuring 20,000-square-foot floor plans, the property underwent cosmetic renovations in 2010, Yardi Matrix shows.
Situated within walking distance of the North Avenue and Midtown MARTA stations, the building’s location provides access to several dining and retail options, hotels and high-rise residential developments. High-profile neighbors include AT&T’s Midtown Campus, Bank of America Plaza, The Fox Theatre and Georgia Tech’s Technology Square.
“730 Peachtree Street is uniquely located in southern Midtown, a rapidly improving micro-submarket, just steps away from two dynamic anchors, Georgia Tech and CODA, an office and computing data center development currently achieving the highest rents in all of Atlanta,” said John Coury, founder of Crestlight, in a prepared statement. “We like our basis relative to competitive buildings and have a long-term view of repositioning 730 Peachtree to capitalize on the growing demand from creative and technology users in the immediate area,” he added.
Image courtesy of Yardi Matrix
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