04 Mar 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.
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.