News
POSSIBLE SALE FOR 999 PEACHTREE?
April 11, 2012
| The timing may not be just right yet for a prime Midtown trophy tower to go up for sale. (Like pears, it's always difficult to know when trophies are ripe.) | ||
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| That's the word from sources familiar with Jamestown Properties'evaluation on whether to bring 999 Peachtree to market. The company has interviewed various brokerages about the prospect, sources say, but it may not actually bring the tower to market this year. The 621K SF tower has an occupancy in the mid-80s, especially after Jamestown strove to backfill the vacancy left by Nelson Mullins Riley & Scarborough earlier this decade (with Gensler backfilling some of the space last year). Other big tenants are Sutherland Asbill & Brennan, with nearly 240k SF through 2022, and Heery International, with 64k SF. As of now, there's no pressure for the German syndicate to sell 999 Peachtree, which it bought in '07 for $127M. (The fund that owns it doesn't expire until 2018.) Jamestown officials would not comment on results of the broker valuation, which it called ?routine.? | ||
