550 Pharr: Office, Then Apartment, Then Back Again
An old Buckhead office building that was to have new life as an apartment complex is going back to what it does best: being an office. (Anyone who's spent a year trying to be something they're not--everyone in high school--can relate.)
Joel & Granot--in a JV with local investor Dion Meltzer and Insignia Property Management--have purchased 105k SF 550 Pharr Rd for for $60/SF; in 2012, it was purchased in a JV by Arenda Capital and Lyon Communities. A plan to convert the Buckhead building into an apartment complex never took off, so it will be reconverted back into an office building, Joel & Granot's Alan Joel tells us. (Save the beds! Work can be tiring.) “It's going to be a solid B building with free parking,” Alan says. Bonus for tenants: It's just down the road from the new Spanx HQ.
This isn't Danny's (with Alan) only recent deal. He and Joel & Granot's Dave Smith helped local ad agency MOCK buy 247 and 253 14th St, two small 2,500 SF office buildings in the Westside district for its new HQ and also to lease to other firms. MOCK picked up the project for $563k. It's across from the famed Silver Skillet, so you know where to find them at breakfast.
