{"id":1004753348,"date":"2025-04-03T01:35:20","date_gmt":"2025-04-03T09:35:20","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004753348"},"modified":"2025-04-03T04:54:50","modified_gmt":"2025-04-03T12:54:50","slug":"atlanta-braves-pays-93m-for-office-campus-near-ballpark","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/atlanta-braves-pays-93m-for-office-campus-near-ballpark\/","title":{"rendered":"Atlanta Braves Holdings Pays $93M for Office Campus Near Ballpark"},"content":{"rendered":"\n<p><\/p>\n\n\n<div class=\"wp-block-image\">\n<figure class=\"alignright size-full is-resized\"><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/04\/Pennant-View-Two.jpg\"><img loading=\"lazy\" decoding=\"async\" width=\"1000\" height=\"750\" data-attachment-id=\"1004753359\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/pennant-view-two-2\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/04\/Pennant-View-Two-edited.jpg\" data-orig-size=\"1000,750\" 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;\\u00a9 Yardi Systems, Inc.&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=\"Pennant View Two\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/04\/Pennant-View-Two-edited.jpg?w=1000\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/04\/Pennant-View-Two-edited.jpg\" alt=\"Exterior shot of Pennant View Two, one of the six office buildings at Pennant Park\" class=\"wp-image-1004753359\" style=\"width:400px\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/04\/Pennant-View-Two-edited.jpg 1000w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/04\/Pennant-View-Two-edited.jpg?resize=300,225 300w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/04\/Pennant-View-Two-edited.jpg?resize=768,576 768w\" sizes=\"auto, (max-width: 1000px) 100vw, 1000px\" \/><\/a><figcaption class=\"wp-element-caption\">At 158,312 square feet, Pennant View Two is the largest office building of Pennant Park. <em>Image courtesy of CommercialEdge<\/em><\/figcaption><\/figure><\/div>\n\n\n<p>Atlanta Braves Holdings Inc. has taken a big swing and expanded its footprint near its ballpark in Cobb County, Ga., by acquiring Pennant Park, a six-building campus with 763,465 square feet of office space, from longtime owner Rubenstein Partners. The property changed hands for some $93 million, according to the buyer&#8217;s SEC filing from April 1.<\/p>\n\n\n\n<p>Located at the intersection of interstates 75 and 285 in Atlanta\u2019s Northwest submarket, Pennant Park was more than 80 percent leased at the time of sale. The site will be used for additional parking for baseball games and other events at Truist Park, the home of the Atlanta Braves.<\/p>\n\n\n\n<p>But Mike Plant, president &amp; CEO of Braves Development Co., also described the acquisition as a strategic step in the growth of the company\u2019s real estate portfolio. The announcement referred to future opportunities for densification, particularly at Pennant View, a 17-acre site that has two six-story multi-tenant office buildings as well as surface and structured parking totaling more than 970 spaces. No specific plans for additional development or redevelopment were released.<\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p><strong>READ ALSO:<\/strong> <a href=\"https:\/\/www.commercialsearch.com\/news\/bridging-past-and-future-inside-the-one-west-end-redevelopment-in-atlanta\/\">Inside the One West End Redevelopment in Atlanta<\/a><\/p>\n\n\n\n<hr class=\"wp-block-separator has-alpha-channel-opacity has-very-light-gray-to-cyan-bluish-gray-gradient-background has-background is-style-wide\"\/>\n\n\n\n<p>Pennant Park also includes Pennant Commons, a 17-acre campus with four office buildings ranging from four to six stories centered around a recently upgraded communal plaza known as The Quad. The site includes surface and structured parking with more than 1,700 spaces. Buildings 320 and 340 are fully occupied by The Home Depot. The remaining buildings\u2014360 and 380\u2014are leased to 14 tenants.<\/p>\n\n\n\n<p>The property features 24-hour security, on-site engineering, a conference center, two fitness centers, on-site car detailing services, two cafes and Social Kitchen tenant lounge and caf\u00e9. Other amenities include a bocce ball court, putting green, multi-sport game court, helipad, lake with jogging trail and a Cobb Community Transit System bus stop.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-increased-footprint\">Increased footprint<\/h2>\n\n\n\n<p>The acquisition increases Atlanta Braves Holdings\u2019 existing land footprint by more than 30 percent. In addition to the leasable office space, the purchase brings total available square footage to more than 3 million square feet across the company\u2019s properties, Truist Park and The Battery Atlanta. In addition to <a href=\"https:\/\/www.commercialsearch.com\/news\/retail-market-trends\/\">shopping and dining<\/a>, The Battery has two hotels, 531 residential units, The Coca-Cola Roxy entertainment venue and office space including One Ballpark Center, Comcast\u2019s regional headquarters.<\/p>\n\n\n\n<p>The firm&#8217;s office footprint also includes Two Ballpark Center, home to SPACES; Three Ballpark Center, which is home to the global headquarters of Papa Johns and the North American headquarters of TK Elevator; and Four Ballpark Center, with tenants Southwire and DCO Commercial Floors. Construction of Five Ballpark Center, a 250,000-square-foot office building that will serve as national headquarters for Truist Securities, has recently wrapped up. It will be home to approximately 1,000 employees.<\/p>\n\n\n\n<h2 class=\"wp-block-heading\" id=\"h-an-improved-office-campus\">An improved office campus<\/h2>\n\n\n\n<p>Philadelphia-based Rubenstein Partners acquired Pennant Park in April 2016. Following the purchase, the firm invested about $17 million in improvements at the site, with the goal of creating a walkable Class A urban office environment. The capital improvement plan included creating The Quad, improving walking and biking connections to nearby amenities and renovating the lobbies, restrooms and building systems over a four-year period.<\/p>\n\n\n\n<p>The company also signed more than 550,000 square feet in leases between 2016 and 2020. In December 2020, Rubenstein received a $114 million, four-year, floating-rate loan from Nuveen Real Estate to refinance the property.&nbsp;<\/p>\n","protected":false},"excerpt":{"rendered":"<p>Rubenstein Partners sold the recently improved property.<\/p>\n","protected":false},"author":1068,"featured_media":1004753359,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[1489,21783,21742,21747,32781],"tags":[36035,36039],"class_list":["post-1004753348","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-atlanta","category-investment","category-latest","category-office","category-southeast","tag-atlanta-braves","tag-rubenstein-partners-lp"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Atlanta Braves Holdings Pays $93M for Office Campus Near Ballpark - Commercial Property Executive<\/title>\n<meta name=\"description\" content=\"Atlanta Braves Holdings Inc. acquired Pennant Park, a six-building office campus in Atlanta\u2019s Northwest submarket, from Rubenstein Partners.\" \/>\n<meta name=\"robots\" content=\"index, follow, max-snippet:-1, max-image-preview:large, max-video-preview:-1\" \/>\n<link rel=\"canonical\" href=\"https:\/\/www.commercialsearch.com\/news\/atlanta-braves-pays-93m-for-office-campus-near-ballpark\/\" \/>\n<meta property=\"og:locale\" content=\"en_US\" \/>\n<meta property=\"og:type\" content=\"article\" \/>\n<meta property=\"og:title\" content=\"Atlanta Braves Holdings Pays $93M for Office Campus Near Ballpark\" \/>\n<meta property=\"og:description\" content=\"Atlanta Braves Holdings Inc. acquired Pennant Park, a six-building office campus in Atlanta\u2019s Northwest submarket, from Rubenstein Partners.\" \/>\n<meta property=\"og:url\" content=\"https:\/\/www.commercialsearch.com\/news\/atlanta-braves-pays-93m-for-office-campus-near-ballpark\/\" \/>\n<meta property=\"og:site_name\" content=\"Commercial Property Executive\" \/>\n<meta property=\"article:publisher\" content=\"https:\/\/www.facebook.com\/CPExecutive\" \/>\n<meta property=\"article:published_time\" content=\"2025-04-03T09:35:20+00:00\" \/>\n<meta property=\"article:modified_time\" content=\"2025-04-03T12:54:50+00:00\" \/>\n<meta property=\"og:image\" content=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2025\/04\/Pennant-View-Two-edited.jpg\" \/>\n\t<meta property=\"og:image:width\" content=\"1000\" \/>\n\t<meta property=\"og:image:height\" content=\"750\" \/>\n\t<meta property=\"og:image:type\" content=\"image\/jpeg\" \/>\n<meta name=\"author\" content=\"Gail Kalinoski\" \/>\n<meta name=\"twitter:card\" content=\"summary_large_image\" \/>\n<meta name=\"twitter:creator\" content=\"@cpexecutive\" \/>\n<meta name=\"twitter:site\" content=\"@cpexecutive\" \/>\n<script type=\"application\/ld+json\" class=\"yoast-schema-graph\">{\"@context\":\"https:\/\/schema.org\",\"@graph\":[{\"@type\":\"WebPage\",\"@id\":\"https:\/\/www.commercialsearch.com\/news\/atlanta-braves-pays-93m-for-office-campus-near-ballpark\/\",\"url\":\"https:\/\/www.commercialsearch.com\/news\/atlanta-braves-pays-93m-for-office-campus-near-ballpark\/\",\"name\":\"Atlanta Braves Holdings Pays $93M for Office Campus Near Ballpark - 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