New Record Office Pricing?
Could Chicago-based Heitman be breaking all pricing records for Buckhead trophy towers? (If so, we're gonna need more liquid paper because some jerk wrote all these records in ink.)
That's the word on the street. Sources say Heitman is under contract to buy 3630 Peachtree Tower, the Duke Realty/Pope & Land building in Buckhead that was put on the market in February. Sources also tell us Heitman could be paying somewhere around $380/SF, which would be a Buckhead record price per SF (and value the 425k SF tower at $161.5M). If this closes, it would eclipse the previous Atlanta tower sale record set by Parkway Properties, which purchased 3344 Peachtree for $346/SF in 2011 (although it paid a total of $167M) and the $343/SF sale of Pinnacle to TIAA-CREF in 2004. Sources say the firm could close on the deal as early as next month. (You all have one month to clean up in anticipation.) Officials with Heitman declined to comment and officials with Pope & Land Enterprises, Duke, and CBRE (who is brokering the sale) did not return calls seeking comment.
