Granite Properties, a commercial real estate investment, development, and management company, Thursday announced it has closed on the acquisition of 3630 Peachtree, a 438,910 square-foot, Class-AA office building in Buckhead.
With the purchase of 3630 Peachtree, a LEED Gold certified, Energy Star rated, and WELL health-safety rated building, Granite continues to expand its portfolio of “conveniently located, high-quality work environments offering experiences and amenities designed for the modern workforce,” according to the announcement.
Justin Parsonnet, Jay O’Meara, Will Yowell, and Ryan Reethof of CBRE represented the seller. Granite’s Paul Bennett and John Robbins represented Granite Properties. C.J. Kelly, Harris Ralston, and John Wiley with CBRE’s Debt and Structured Finance team arranged the acquisition financing on behalf of Granite. Lewis Kasner of Jackson Walker represented Granite as the attorney for the acquisition and debt financing.
3630 Peachtree is being leased by Greg Frankum and Matt Spickard of Transwestern.
“Granite is excited to expand our portfolio in Atlanta with 3630 Peachtree, a Class-AA trophy property offering a sustainable and wellness-focused workspace,” John Robbins, senior managing director at Granite Properties, said in a press release. “Customers will benefit from the building’s amenities, exceptional accessibility, and prime location in Buckhead offering hotels, shops, and restaurants within walking distance.”
Granite plans to create an activated, hospitality-driven lobby to provide additional common space for customers to work, meet or socialize.
3630 Peachtree is the first office building that Granite has owned that is part of a vertically integrated mixed-use development. Developed in 2010, the 33-floor building consists of 17 office floors and 16 residential floors by Ritz-Carlton Residences (the residential floors are not part of the acquisition.)
The building’s onsite amenities include a fitness center, conference room facility, executive boardroom, restaurants Tomo Japanese Restaurant, F&B Atlanta, and To Go Bistro.
“CBRE was pleased to have facilitated such a complex and high-profile transaction. Given the condominium structure, shared parking arrangement, numerous easements and pending adjacent multi-phased and mixed-use developments, the transaction involved coordination and cooperation among numerous interested parties to be a success,” Justin Parsonnet, executive vice president with CBRE’s Office Institutional Properties Group in Atlanta, said. “Investor interest was high, and Granite proved to be an excellent partner with the seller to navigate this purchase.”
With the acquisition of 3630 Peachtree, Granite expands its Atlanta portfolio to 687,000 square feet of Class-A office buildings. In addition, Granite and partner, MetLife Investment Management, are developing a 612,000 square foot Class-AA office building as part of Midtown Union, a large mixed-use development, which also features a residential tower, hotel, and retail in Midtown Atlanta.