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Franklin Street Properties Corp. could soon sell its 999 Peachtree asset to Piedmont Office Realty Trust.
Franklin Street said in a recent Securities and Exchange Commission (SEC) filing that Piedmont Operating Partnership L.P. planned an acquiring the 28-story Midtown tower from Franklin Street before the end of the year for $223.9 MM ($360 per foot.)
“On September 29, 2021, FSP 999 Peachtree Street LLC (the “Seller”), a wholly-owned subsidiary of Franklin Street Properties Corp. (the “Registrant”), entered into a purchase and sale agreement (the “Agreement”) relating to the sale of real property and improvements with Piedmont Operating Partnership, LP (the “Buyer”),” according to the SEC filing. “There are no material relationships, other than in respect of the Agreement, among the Seller, the Registrant or any of the Registrant’s affiliates and the Buyer or any of its affiliates.”
999 Peachtree was built in 1987 and encompasses 621,946 square feet. The property, which Franklin Street acquired in 2013 for $157.9 MM, is anchored by law firm Eversheds Sutherland. Jamestown preceded Franklin Street as the tower’s owner.
This won’t be the first sale of one of its Atlanta office assets this year for the Massachusetts-based REIT. Franklin Street in June offloaded a trio of towers — One and Two Ravinia Drive, and One Overton Park — for $219.5 MM.