Jamestown changes its mind about selling tower.
Real estate investment and management firm Jamestown in a press release Wednesday, announced that its tower property, No. 999 Peachtree, will remain a part of its realty portfolio.
Jamestown acquired the property, located on the corner of Peachtree and 10th, in 2007 and placed it on the market in July 2012, according to the release.
The real estate firm was seeking $160 million for the 620,000-square-foot building, almost $260 a foot, according to Doug Sams with the Atlanta Business Chronicle.
“We believe the market is going to improve in the next 18-36 months and there is more value to be harvested in a property such as 999 Peachtree,” Matt Bronfman, CEO of Jamestown, said in the release.
“We have already seen rents in our building move north and concessions come down, a trend we expect to continue for the best assets in Atlanta. We are excited about what we can achieve in the coming years and what is happening in Midtown.”
The company’s repositioning of the tower has included the addition of new office tenants such as Gensler and Oxford Industries, as well as retail brands such as Clothing Warehouse and En Paris.
The tower is also now home to Empire State South, of the Hugh Acheson fame.
999 Peachtree is now at 94 percent occupancy; the asset is anchored for the next eight years by leading Atlanta-based law firm Sutherland.