PGIM Acquires Midtown Atlanta Office Tower
The real estate investment arm of the insurance company purchased the LEED Gold certified asset from Crocker Partners on behalf of institutional investors.
By Timea Papp
PGIM Real Estate completed the acquisition of Regions Plaza, a Class A, 502,846-square-foot office tower in Midtown Atlanta. The company purchased the 23-story asset on behalf of institutional investors. According to Yardi Matrix, the seller was Crocker Partners, an Atlanta-based real estate and management firm.
Located at 1180 W. Peachtree St. NW, Regions Plaza features full-service concierge, a conference facility, valet parking, an on-site Flywheel and FlyBarre Studio, dry-cleaning, dining and on-site banking services. Completed in 2001, the building is LEED Gold certified and ENERGY STAR-rated, attracting a range of tenants including law firms, banking, sales, technology and construction.
Strategic Midtown location
The property sits on an approximately 1.8-acre site at the northwest corner of West Peachtree and 14th Streets within walking distance to numerous restaurants and condominiums. The location provides direct visibility and access to interstates 75 and 85, the city’s primary north-south highways, and public transit access at the Arts Center MARTA station.
Jim Mehalso, managing director and head of Southeast Transactions at PGIM Real Estate, led the acquisition process. PGIM Real Estate is the real estate investment business of PGIM, the global investment management businesses of Prudential Financial.
“We are pleased to add a modern, best-in-class office high-rise in Atlanta’s premier office submarket to our investors’ portfolio,” said Alfonso Munk, Americas CIO for PGIM Real Estate, in a prepared statement. “Fueled by favorable demographics and population growth in the renters’ age cohort, we expect that Midtown Atlanta will continue to grow into one of the most dynamic live-work-play environments in the region.”
Images courtesy of Regions Plaza
