Banyan Street Capital, Oaktree Acquire 191 Peachtree in Atlanta for $268M
ATLANTA — A partnership between Banyan Street Capital and funds managed by Oaktree Capital Management has purchased 191 Peachtree Tower from Cousins Properties in downtown Atlanta. The partnership bought the 50-story office tower for $268 million.
The 1.2 million-square-foot office tower was 93 percent leased at the time of sale to tenants such as the Robert W. Woodruff Foundation, Deloitte, Cooper Carry, Hall Booth Smith and The Commerce Club. The Metro Atlanta Chamber is also relocating to the LEED Silver-certified building later this year.
“Downtown Atlanta is a premier destination for business and commerce, and 191 Peachtree is the market’s landmark office building,” says Rudy Touzet, CEO of Banyan Street Capital. “This acquisition is an important expansion of our Atlanta portfolio and demonstrates the demand for Class A office located within walkable urban centers.”
191 Peachtree offers direct access to the Ritz-Carlton Hotel, which features retail and restaurant tenants such as Alma Cucina, Bistro 191, The Bean Counter and Jos. A Bank. It is also located directly across from a MARTA transit station.
The new ownership has selected Cushman & Wakefield to lease the office tower and plans to initiate select upgrades to 191 Peachtree in the near future.
“191 Peachtree is an iconic Atlanta landmark and has become the office location of choice in our vibrant downtown community,” says Larry Gellerstedt, president and chief executive officer of Cousins. “Cousins is proud to have been a part of downtown Atlanta’s resurgence over the last ten years.”
Cousins purchased One Ninety One Peachtree in 2006 for $153 million. During Cousins’ ownership, the company completed an interior renovation of the 50-story office tower. Cousins Properties will continue to manage the tower.
— Haisten Willis