Jamestown Agrees to Sell 999 Peachtree in Atlanta to Franklin St. Properties for $158M

Atlanta-based real-estate investor Jamestown has agreed to sell 999 Peachtree in Atlanta to Wakefield, Mass-based Franklin Street Properties for $158 million.

Eastdil Secured, L.L.C. brokered the transaction. The closing date is scheduled for July 1, 2013.

999 Peachtree is a 28-story, 621,000 square foot, Class A tower along Atlanta’s Midtown Mile, the one-mile stretch of Peachtree Street from North Avenue to 15th Street. The building is Energy Star rated and LEED-EB Silver certified, and features a 9-story parking garage that is connected by a covered walkway.

Atlanta-based law firm Sutherland Asbill & Brennan LLP anchors the office portion of the building, paying $539,273.25 every month for 243,839 square feet under a lease that expires in April 2020.

Empire State South, a restaurant by award-winning chef Hugh Acheson, is one of the star retailers in the building. In the sales contract with Franklin St Properties, Jamestown said it is currently in discussions with Walgreens to lease retail space at the Property.

Jamestown reported its $127 million acquisition of 999 Peachtree in February 2007. The seller, Childress Klein Properties, developed the building in 1987. The building was 83 percent leased when Jamestown made the acquisition.999 Peachtree Contract

Jamestown increased occupancy in the building to 95 percent after repositioning the asset, bizjournals.com reported in October 2012. The same story said that Jamestown was no longer looking to sell the building, which it had placed on the market three months earlier in the hopes of securing an offer of around $160 million.

The same article quoted Jamestown’s Shak Presswala, who is listed as one of the contacts on the purchase agreement, saying upper floor rents at the building were starting to fetch $29 per square foot.