Atlanta-based Piedmont Office Realty Trust will add another tall tower in Cumberland to its holdings, purchasing the 18-story Galleria 100 office building and a 1.5 acre development parcel, both of which are located within The Galleria for $95.1 million.
Piedmont already owns the adjacent Galleria 200 and Galleria 300 properties in The Galleria mixed-use development, which includes office and retail, a four-star hotel and the Cobb-Galleria Convention Center.
The Galleria 100 property, which Piedmont said Monday was 91% leased, consists of 414,000 square feet and brings Piedmont’s total ownership in the submarket to 1.3 million square feet.
“We are pleased to add the Galleria 100 property to our leading Class A office presence in the northwest Atlanta market,” said Brent Smith, president and chief investment officer for Piedmont, in a news release Monday. “This transaction underscores our overall strategy of acquiring and concentrating properties in strategic submarkets which deliver distinctive, vibrant environments for our tenants and compelling return metrics for our shareholders. This established, walkable, northwest submarket has immediate highway accessibility and is experiencing significant population and job growth, spurred by the multibillion dollar development of The Battery and SunTrust Park.”
Piedmont, which in its news release touted an almost $5 billion portfolio, is currently comprised of nearly 17 million square feet of Class A office properties in sub-markets located within eight major eastern U.S. office markets.
Cumberland-based real estate developers Childress Klein previously acquired Galleria 100 in 2017 in conjunction with real estate investment firm WHI Real Estate Partners L.P. for $69 million.
At the time, the firm announced that the facility had come full circle, returning to the team that developed the property. It was originally developed by Don Childress in 1982.
Galleria 100 is among the tallest structures in Cobb County, reaching a height of 228 feet, the MDJ previously reported. Dwarfing it is the Riverwood 100 building at 3350 Riverwood Parkway, which is 362 feet tall and has 24 floors.
Set to become the tallest building in Cobb in the coming years is Thyssenkrupp’s 420-foot-tall elevator test tower with 18 shafts to test new concepts and pilot products. It is being built within a $200 million-plus complex in The Battery Atlanta, the Atlanta Braves’ mixed use development, and will be blocks away from the baseball team’s home site.