Dallas-based Tier REIT Inc. has formed a partnership with Atlanta-based Regent Partners and Batson-Cook Development Co. to develop 3354 Peachtree Road, a three-acre site in the heart of Buckhead, the companies recently announced.
The prime property is the last undeveloped parcel in the Buckhead financial district and has excellent access to the dining, retail, high-rise residential and hotels for which the area is known. With unparalleled visibility from Georgia 400, the site is connected by pedestrian bridge to the Buckhead MARTA station. It is on the Path400 Greenway Trail, boasts a Peachtree address and offers direct access to 400.
The team will develop about 560,000 square feet of Class AA office space on the site. Plans also call for about 60 luxury condominiums within the vertical mixed-use tower and a separate 300-unit luxury multifamily tower located at 3356 Peachtree Road.
“This is a critically important site for Buckhead, and with Tier we have an excellent opportunity to create an iconic mixed-use tower in the South’s most dynamic submarket,” Regent Partners Chair David Allman said in a news release. “With only one Class AA office building delivered in the past 10 years, the central business district is primed for a generational office project.”
Regent Partners — a full-service real estate investment and development firm — is spearheading the $400 million office, retail, condo and multi-family project, along with Batson-Cook Development.
Buckhead is Atlanta’s premier submarket featuring a deep amenity base, exclusive neighborhoods and a thriving business district. The live/work/play atmosphere is fueling growth as the northern Atlanta enclave has become a magnet for young professionals.
The office submarket has historically experienced low vacancy and strong rental rates. The development-ready land supply in the core of the submarket has been nearly depleted over the prior two development cycles. Buckhead’s core Class AA office buildings are currently more than 93 percent occupied.
The Buckhead Community Improvement District is in the early stages of a plan to create the Park Over Georgia 400, a nine-acre, multi-modal, transit-oriented greenspace that would knit together residential and commercial districts on opposite sides of the highway with a world class park directly on top of 400 and the Buckhead MARTA station, which will connect to the site.
The project is expected to get underway in the fourth quarter with an anticipated delivery in 2022.