Shaneel Lalani, the new owner of Underground Atlanta, Tuesday announced his company’s acquisition of One Park Tower, the 300,000-square-foot downtown office building, at 34 Peachtree Street. “Just two blocks from Underground Atlanta, the office tower acquisition aligns with Lalani’s strategy of buying high potential real estate properties and shows his commitment to investing in South Downtown,” a spokesperson told What Now Atlanta in an email.
Lalani purchased the tower from One Park Tower Holdings, LLC for $12.75 million without any outside financing. “The acquisition reflects the financial strength of the company and its ability to close quickly,” the spokesperson said. “Lalani said he will continue to explore other value-add opportunities in the Atlanta area.”
Lalani plans to take a “local, hands-on approach” to ownership and has already met with some of the building’s tenants, including HOPE Atlanta, a nonprofit focused on fighting homelessness, and Atlanta Downtown Improvement District, a public-private partnership and 501(c)3 nonprofit, charitable organization that strives to create a livable environment for downtown Atlanta under Central Atlanta Progress.
“Lalani brings a fresh perspective to Atlanta’s commercial real estate scene,” A.J. Robinson, president of Central Atlanta Progress, said in a prepared statement. “Our hats go off to him for recognizing the potential value of this Downtown tower’s prime Peachtree Street location. We look forward to building our relationship with him and working together to enhance the Downtown experience.”
Park Tower is currently 33 percent occupied. Lalani is exploring a variety of value-add strategies and hiring an in-house broker to oversee leasing at the property — which sits next to 100 Peachtree, the office tower with the digital Georgia’s Own sign.
“We are excited to expand our footprint and investment in Downtown,” Lalani said. “We are in the exploratory phase now, with the ultimate goal of maximizing the potential of One Park Tower and building on the energy we will soon create at Underground Atlanta. We are out here multiple times a week, walking the streets, talking to people, and meeting with businesses to learn more about what they want to see happen in Downtown. We are passionate about making this corridor a vibrant, walkable place to be.”
Lalani is the CEO of Billionaires Funding Group, an Atlanta-based company with a real estate portfolio that spans over two million square feet of commercial space. He has completed more than 100 real estate transactions that are valued at approximately $250 million. The majority of Lalani’s real estate assets are located in Georgia.
The heart of ATLANTA.
I read an interesting article in the AJC about this young guy and I’m rooting for him. My hope is he can turn it around, but it will be no easy task for sure…
It is a cool underrated office tower in the International style popular in the mid-20th century. The building needs a lot of work. I hope he can restore it well and make the property a success.
There must be a significant amount of debt assumed as part of the deal as well, otherwise that price just seems way off, even for an older property. Nonetheless, count me among the folks rooting for them to succeed.
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