Business & Tech
999 Peachtree Building Sold for $158 Million
Jamestown, developer behind Ponce City Market, agrees to sell building it acquired in 2007.
Franklin Street Properties has entered into an agreement to purchase the 999 Peachtree building from Jamestown Properties for $158 million.
The transaction for the 28-story, signature Midtown building, is expected to close in the third quarter, JayRickey.com reported Thursday.
Jamestown purchased the building in 2007 for $127 million from Childress Klein Properties, which developed the 621,000-square-foot structure in 1987, Jay Rickey reported.
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Under Jamestown's ownership, the building went to being 95 percent leased from the 83 percent rate when it purchased it, according to the Atlanta Business Chronicle.
Among its anchor tenants is silk-stocking law firm Sutherland Asbill & Brennan, which leases 243,839 square feet of the building, according to Jay Rickey.
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Atlanta-based Sutherland pays $539,273.25 per month for the space.
Jamestown, which is redeveloping the former City Hall East in Old Fourth Ward into the $180 million Ponce City Market, said it is in negotiations with Walgreens to lease space in 999 Peachtree.
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