34 Peachtree Sells at Huge Discount

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Fairlead Commercial Real Estate, a new firm led by the former president of Jackson Oats Shaw Corporate Real Estate LLC Jeff Shaw, has purchased 34 Peachtree for less than half of what the previous owner paid for it. Fairlead has decided to take the next step in expanding its real estate portfolio to Atlanta by adding the 283,000 SF office tower, which is currently only 63% leased.

Harbor Group International purchased the tower in 2005 for $28 million, but unfortunately their timing could not have been worse. Sooner after, the recession hit Atlanta like a freight train and Harbor Group found itself unable to keep up with the loan payments on the building. It went into foreclosure at the beginning of this month. Fairlead purchased the mortgage note for just $11.9 million.

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