TIER REIT Joins Regent-led Partnership For Development of Trophy Buckhead Site

Final piece of financial district slated for $400M development

Dallas-based TIER  REIT Inc. (NYSE: TIER) has formed a partnership with Regent Partners and Batson-Cook Development Company (BCDC) to develop 3354 Peachtree Road, a three-acre trophy site in the heart of Buckhead. 

The prime property is the last undeveloped parcel in the Buckhead financial district and has excellent access to the dining, retail, high-rise residential and hotels for which the area is known. With unparalleled visibility from GA-400, the site is connected by pedestrian bridge to the Buckhead MARTA Station. It is on PATH 400, boasts a Peachtree Road address and offers direct access to 400. 

The team will develop approximately 560,000 square feet of class-AA office space on the site. Plans also call for approximately 60 luxury condominiums within the vertical mixed-use tower, and a separate 300 unit luxury multi-family tower located at 3356 Peachtree Road.

“This is a critically important site for Buckhead, and with TIER we have an excellent opportunity to create an iconic mixed-use tower in the South’s most dynamic submarket,” said David Allman, Chairman, Regent Partners. “With only one Class AA office building delivered in the past 10 years, the central business district is primed for a generational office project.”

Regent Partners— a full-service real estate investment and development firm — is spearheading the $400 million office, retail, condo and multi-family project, along with BCDC.

Buckhead is Atlanta’s premier submarket featuring a deep amenity base, exclusive neighborhoods and a thriving business district. The live/work/play atmosphere is fueling growth as the northern Atlanta enclave has become a magnet for young professionals.

The office submarket has historically experienced low vacancy and strong rental rates. The development-ready land supply in the core of the submarket has been nearly depleted over the prior two development cycles. Buckhead’s core Class AA office buildings are currently more than 93 percent occupied.

The Buckhead Community Improvement District is in the early stages of a plan to create a nine-acre multi-modal transit-oriented green space over Georgia 400, which would knit together residential and commercial districts on opposite sides of the highway with a world class park directly on top of GA-400 and the Buckhead MARTA station, which will connect to the site.

The project is expected to get underway in the fourth quarter with an anticipated delivery in 2022.

About Regent Partners 

Regent Partners is an Atlanta-based firm specializing in the acquisition and development of office, residential, hotel, retail and mixed-use projects. Regent has extensive experience in the Buckhead submarket, having acquired or developed 2.1 million square feet valued at $650 million. Regent developed the nearby 3344 Peachtree office tower and has won numerous industry awards from NAIOP and ULI, including Project of the Year, Development of the Year, and Office Deal of the Year. 

About BCDC

Batson-Cook Development Company was formed in 1963 and is a commercial real estate company specializing in development, pursuit capital, construction services, and brokerage services. A subsidiary of Kajima USA, Batson- Cook Development is based in Atlanta and focuses on the development of office, retail, condominium, hotel, residential, government, and mixed-use projects throughout the Southeastern United States. 

About TIER REIT, Inc. 

TIER REIT, Inc. is a publicly traded (NYSE: TIER), self-managed, Dallas-based real estate investment trust focused on owning quality, well-managed commercial office properties in dynamic markets throughout the U.S. TIER REIT’s vision is to be the premier owner and operator of best-in-class office properties in TIER1 submarkets, which are primarily higher density and amenity-rich locations within select, high-growth metropolitan areas that offer a walkable experience to various amenities. Our mission is to provide unparalleled, TIER ONE Property Services to our tenants and outsized total return through stock price appreciation and dividend growth to our stockholders. For additional information regarding TIER REIT, please visit www.tierreit.com or call 972.483.2400. 

BCDC, ADEVCO Break Ground on Extra Space Storage

Project is First in New Joint-Venture Program Between Atlanta Developers  

Batson-Cook Development Company, BCDC, and ADEVCO (ADEVCO Corporation) have entered into a joint venture partnership that will deliver a three-story climate-controlled Extra Space Storage with 804 secure storage units in Dunwoody, Ga. 

“BCDC is committed to partnering with the best-in-class developers throughout the Southeastern United States, and we have done that once again with ADEVCO,” said Litt Glover, CEO. “This is a new programmatic opportunity for us. ADEVCO has the experience and expertise to ensure a successful partnership.” 

The JV has closed on the land and recently broke ground on the 112,000 quare-foot, three-story climate-controlled building located at 4444 N. Shallowford Road in Dunwoody, Ga.. The new Extra Space Storage will be delivered to meet the growing demand for self-storage in the Dunwoody, Brookhaven, Sandy Springs and Perimeter Center submarkets.

The submarket has experienced explosive population growth as a result of commercial relocations. There are ongoing and planned multifamily developments nearby, which projects an ongoing demand for professionally managed institutional quality self-storage. 

Georgia’s Own Credit Union is providing construction financing, and BCDC and ADEVCO are providing equity. Extra Space Storage, the second largest operator of self storage facilities in the US, will be providing leasing and property management.  

Delivery is expected in the first quarter 2020.

About BCDC

Founded in 1963, Batson-Cook Development Company is a wholly owned subsidiary of Kajima USA. It is a fully integrated real estate organization providing development and capital solutions, primarily through partnerships on commercial real estate projects in the Southeastern United States. Based in Atlanta, Georgia, Batson-Cook Development Company offers a wide variety of real estate services from development and construction to equity and credit enhancements, to brokerage and property management. Visit www.batsoncookdev.com from more information. 

About ADEVCO

Founded in 1990, ADEVCO delivers quality developments and program management services to Fortune 500 companies as well as private and institutional investors throughout the United States. Our developments are located in 40 different markets in 20 states. Since inception, over 28 years ago, ADEVCO has developed over six million square feet of climate controlled storage, corporate office, call center facilities, assisted living communities and multifamily projects valued at more than $800 million. Our specialty – achieving your real estate objectives by consistently delivering effective development solutions and superior program management services.

Visit www.adevco.com