3630 Peachtree is just one of the buildings that broke ground as the recession began to take hold of the Atlanta market; firms like Duke Realty and Pope & Land, who developed this 34-story mixed-use tower, found themselves in deep water and were forced to make concessions that eventually drove many tenants to other submarkets. In 2010, Buckhead’s newly-delivered towers had an average occupancy of 39%.
The Atlanta market has undoubtedly picked up since 2010 and we are seeking a definite strengthening of market fundamentals. To illustrate the “bounce back” we have experience, the same towers that averaged a 39% occupancy in 2010 had an average occupancy rate of 92% at the end of 2013. The office market’s upswing has encouraged many investors to re-enter the market and throw some capital around. Last year, Highwoods purchased One Alliance and Parkway Properties purchased 3344 Peachtree Rd and Tower Place 200.
Duke and Pope & Land have decided to put 3630 Peachtree on the market in hopes of capitalizing on renewed investor interest in the Atlanta market. The building is currently 80% occupied, making it a great value-add opportunity. Buckhead has long been one of the city’s strongest submarkets and was one of the first to reach pre-recession vacancy and absorption figures.Share