By Veronica Grecu
Atlanta—HFF has secured a refinancing for Buckhead Tower, a Class A office tower located in the Buckhead submarket of Atlanta.
The undisclosed loan amount was placed with MetLife Real Estate on behalf of the borrower, Parmenter Realty Partners. Ed Coco, senior managing director, and Matt Casey, senior real estate analyst, led the HFF debt placement team representing Parmenter.
Located at 3399 Peachtree Road NE. close to GA-400 and Interstate 85, the 19-story office tower is directly connected to Buckhead’s Lenox Square Mall and JW Marriott Hotel. Completed in 1987, the 348,152-square-foot building has earned LEED Gold certification in the category Existing Building: Operations and Maintenance in 2014, and is also Energy Star certified. The property includes 840 above ground and subterranean parking spaces, as well as 12,000 square feet of retail space, a full-service café, fitness center, and 24/7 controlled access.
“Accessibility provided both by MARTA and GA-400, as well as the desirable amenities offered from Lenox Square Mall, have Buckhead Tower well-positioned to capitalize on continued leasing strength in the Buckhead submarket,” Coco said in prepared remarks.
According to Yardi Matrix data, Buckhead Tower is currently nearly 73 percent occupied by a long list of tenants including Mesa Capital Partners, Regus, Georgia Bankers Association, SecurAmerica, Cowen Group, the Consulate General of France and many others. Rent rates here vary between $31.50 and $33.50 per square foot annually.
Parmenter purchased the office tower in March 2012 for almost $60 million from Clarion Partners. The transaction was subject to a $41.5 acquisition loan held by Blackstone Group.
Image courtesy of Yardi Matrix