Batson-Cook Development Co., a southeast Cobb County-based, full-service real estate firm, last month announced it is forming a joint venture partnership with Regent Partners, a Buckhead-based, full-service real estate investment and development firm, to acquire the last remaining parcel in Buckhead’s financial district.
“BCDC is thrilled to partner with Regent Partners, which we consider to be the leader when it comes to Buckhead development,” CEO Litt Glover said in a news release. “David Allman and his team have delivered more than $650 million in this particular area over several decades. That level of experience and success is incredibly valuable as we look to partner with them on the last trophy high-rise site in the core business district.”
Regent Partners is spearheading the $400 million office, retail and multi-family project at 3354 and 3356 Peachtree Road. The 4-acre parcel is the centerpiece of the Buckhead office market. It is near the MARTA heavy rail line, Georgia 400 and the site of the planned Park Over Georgia 400. The development calls for two buildings with more than 550,000 square feet of office and retail space, approximately 60 condominiums and 300 multi-family units.
With a coveted Peachtree Road address, the project will have access and egress with outlet roads leading to Peachtree, Piedmont Road and the Buckhead Loop. The new MARTA pedestrian bridge spanning 400 gives the project direct access to Southeast’s largest public transportation system with convenient access to Hartsfield-Jackson Atlanta International Airport, downtown Atlanta, Midtown and more.
Abutting the site, the Buckhead Community Improvement District is proposing a nine-acre park on top of a half-mile stretch of Georgia 400 from the Buckhead Loop to Peachtree Road. When the $245 million park is complete, it will be the front door of the Regent Partners and Batson-Cook project.
Buckhead is Atlanta’s premier submarket due to its deep amenity base, exclusive neighborhoods and location. The live/work/play atmosphere is propelling multifamily demand as the area has become a magnet for well-educated young professionals. Buckhead has benefitted from increased demand for amenitized luxury rentals desired by the millennial demographic.
The office submarket boasts the lowest vacancy and highest rental rates in Atlanta. The development-ready land supply in the core of the submarket has been nearly depleted over the prior two development cycles. Buckhead’s core office buildings are currently 92.3 percent occupied.
The joint-venture partnership closed on the land Jan. 20, and the project is expected to get under way in 2018.