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Parkway Properties to Buy Tower Place 200

The tower will be third in the area in Parkway Properties' portfolio.

Parkway Properties Inc. announced Monday that it just closed a deal to buy Tower Place 200, a main anchor of the Tower Place at 3348 Peachtree Road.

The transaction is expected to close at the end of the fourth quarter, according to the Atlanta Business Chronicle.

The 13-story building is under contract for $56 million, making it the third tower in the area of Peachtree and Tower Place added to Parkway's portfolio.

The building was bought at the height of the market in 2006 by Transwestern Investment Co., which used about $51 million commercial mortgage to finance the acquisition, ABC reports.

CW Capital foreclosed on the loan for $32 million as new towers were being built in the Buckhead market and rental rates and leasing activity was declining.

According to ABC, Tower Place is now 81 percent leased, with rent averaging $26.37 a square foot.

 

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