Transwestern to Lease Atlanta Landmark

245 Peachtree St.

Transwestern Real Estate Services is the next provider of leasing and asset management services for Peachtree Center, a 2.5 million-square-foot office and retail district located at 235-245 Peachtree St. in downtown Atlanta.

Transwestern succeeds Colliers as the property’s leasing manager, according to CommercialEdge. Senior Vice President Russel Lipscomb will handle asset services, while Senior Managing Directors Chip Roach, Stephen Clifton and Zach Wooten will oversee all leasing activity.

CommercialEdge also shows Peachtree Center’s six office buildings and its shopping mall sold out of foreclosure to JPMorgan Chase in September, with Wilmington Trust acting as trustee. The previous owner was Banyan Street Capital.

A downtown landmark

Part of the Atlanta skyline for nearly half a century, Peachtree Center is one of the city’s top commercial hubs. The property is within two blocks of Georgia State University and numerous parks and cultural attractions.

The district’s first building finished construction in 1967, with the rest of the complex taking shape throughout the 1970s. Known for its sand-colored buildings and interconnected, enclosed walkways, the property was placed on the National Register of Historic Places in 2018. Part of the district underwent a cosmetic renovation worth $25 million in 2019, becoming more oriented towards pedestrians and retailers.

Overall, Peachtree Center comprises 2.3 million square feet of office space and more than 50 restaurants and retail attractions, as well as three hotels totaling more than 4,000 keys. The complex has numerous regional and national government entities, law firms and banks among its tenants.

Acknowledging the district’s status, as well as the strength of the Atlanta office market, Transwestern Senior Managing Director Chip Roach told Commercial Property Executive, “We are coming out of the pandemic and people are coming back to the office to work. For anyone considering  Atlanta’s CBD, Peachtree Center’s 2.5 million square feet is a very heavily weighted alternative given the connectivity of seven bridges to six office buildings and three major hotels all centered by the newly renovated food/retail court called The Hub. This is an opportune time to reintroduce Peachtree Center’s experiential world to those seeking to work together in the downtown submarket.”

Atlanta accelerates

The changing of Peachtree Center’s leasing management takes place as Atlanta remains one of the nation’s most promising markets for office investment, leasing and construction, in part due to its idyllic sun-belt location and growing professional and business services sectors.

Additionally, the city has seen its share of tech-related investments as well, with Microsoft leasing the entirety of Atlantic Yards, a 523,511-square-foot Class A office space. As of August 2022, the metro has witnessed $2 billion in sales year-to-date, alongside 4.3 million square feet in its construction pipeline, according to a CommercialEdge report.