Ardent Cos. Purchases The Rest Of Piedmont Center
An Atlanta real estate investor now owns all 14 buildings of Piedmont Center in Buckhead after five years of buying pieces from four different owners.
The Ardent Cos. purchased the final four properties, Buildings 5 through 8, for an undisclosed price from Granite Cos., Ardent Managing Director Scott Werbel confirmed to Bisnow. The Atlanta Business Chronicle first reported the sale Monday morning.
“By owning all 14 buildings, we now control 45 acres in the heart of Buckhead,” Werbel wrote in a text message. “In order to provide a highly-amenitized campus, we needed the final four buildings to complete the redevelopment plan.”
While he declined to disclose the specifics of the redevelopment plan, Werbel said the developer plans to add apartments, retail and restaurants to the office campus.
The latest purchase encompasses more than 500K SF, the ABC reported. Ardent has been assembling Piedmont Center for five years, a process that began with a four-building purchase in 2016 for $76.5M and another five-building acquisition in 2017 for $144M. In 2019, Ardent purchased the 18-story Piedmont Center 14 from Lone Star Funds for $58M.
“As one of the largest office landlords in Buckhead, this acquisition signals our deep confidence in Piedmont Center, Buckhead office market fundamentals, and our portfolio aggregation strategy,” Werbel said in a press release.
