{"id":1004323757,"date":"2019-05-15T01:43:18","date_gmt":"2019-05-15T09:43:18","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004323757"},"modified":"2019-05-15T04:10:06","modified_gmt":"2019-05-15T12:10:06","slug":"piedmont-office-realty-expands-in-atlanta-with-95m-buy","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/piedmont-office-realty-expands-in-atlanta-with-95m-buy\/","title":{"rendered":"Piedmont Office Realty Expands in Atlanta With $95M Buy"},"content":{"rendered":"<div id=\"attachment_1004323769\" style=\"width: 310px\" class=\"wp-caption alignright\"><img loading=\"lazy\" decoding=\"async\" aria-describedby=\"caption-attachment-1004323769\" data-attachment-id=\"1004323769\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/piedmont-office-realty-expands-in-atlanta-with-95m-buy\/galleria-100\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/05\/Galleria-100-e1557912497187.jpg\" data-orig-size=\"727,544\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;0&quot;}\" data-image-title=\"Galleria 100\" data-image-description=\"\" data-image-caption=\"&lt;p&gt;Galleria 100. Image courtesy of Childress Klein&lt;\/p&gt;\n\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/05\/Galleria-100-e1557912497187.jpg?w=727\" class=\"wp-image-1004323769 size-medium\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/05\/Galleria-100-e1557912497187.jpg\" alt=\"\" width=\"300\" height=\"224\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/05\/Galleria-100-e1557912497187.jpg 727w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2019\/05\/Galleria-100-e1557912497187.jpg?resize=300,224 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><p id=\"caption-attachment-1004323769\" class=\"wp-caption-text\">Galleria 100. <em>Image courtesy of Childress Klein<\/em><\/p><\/div>\n<p>Atlanta-based Piedmont Office Realty Trust Inc. has added to its holdings in its hometown with the acquisition of Galleria 100, an 18-story, 414,000-square-foot office building in The Galleria master-planned, mixed-use development in northwest Atlanta, for $95.1 million.<\/p>\n<p>The seller, a joint venture of Childress Klein and WHI Real Estate Partners LP, paid $69 million for the tower in June 2017.&nbsp; Don Childress, senior managing partner at Childress Klein, developed Galleria 100 in 1982 while working for Trammell Crow.&nbsp;The building was 91 percent leased at the time of acquisition. Major tenants include Aflac, Freeman Mathis &amp; Gary, Fresenius Medical Care and The Georgian Club.<\/p>\n<p>Piedmont already owns the adjacent Galleria 200 and Galleria 300 properties, bringing its total ownership in the submarket to 1.3 million square feet. The Galleria includes office and retail, a four-star hotel and the Cobb-Galleria Convention Center. It is the only Class A office product in the growing submarket, which has direct access to The Battery\u2013a mixed-use center which includes SunTrust Park, home of the Atlanta Braves, and the Coca-Cola Roxy Theater. Brent Smith, president &amp; chief investment officer, said the acquisition fits in with the REIT\u2019s strategy of purchasing and concentrating properties in strategic submarkets with distinctive environments.<\/p>\n<h2><strong>Piedmont REIT Deals<\/strong><\/h2>\n<p>In March, Piedmont <a href=\"https:\/\/www.commercialsearch.com\/news\/piedmont-sells-dc-office-asset-for-170m\/\">sold One Independence Square,<\/a> a Class A office tower in Washington, D.C., to Saban Real Estate, Saban Capital\u2019s real estate group, for $170 million. The 340,000-square-foot tower was 94 percent leased to multiple government tenants.<\/p>\n<p>In December, the <a href=\"https:\/\/www.commercialsearch.com\/news\/piedmont-expands-boston-portfolio-with-74m-acquisition\/\">REIT acquired 25 Burlington Mall Road,<\/a> a 287,776-square-foot office building in Burlington, Mass, for nearly $74 million.<\/p>\n<p>Piedmont\u2019s total portfolio has nearly 17 million square feet of Class A office space in eight major Eastern U.S. office markets valued at about $5 billion.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The REIT acquired Galleria 100, a Class A office tower in The Galleria master-planned community in northwest Atlanta, near Sun Trust Park and the Cobb-Galleria Convention Center.<\/p>\n","protected":false},"author":1068,"featured_media":1004323769,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1489,21743,21808,21783,21742,21747],"tags":[33739,34703,40976,37354],"class_list":["post-1004323757","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-atlanta","category-deals","category-featured","category-investment","category-latest","category-office","tag-childress-klein","tag-piedmont-office-realty-trust","tag-the-galleria","tag-whi-real-estate-partners-lp"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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