County real estate records confirm Crescent purchased a prime three-acre site in the affluent Buckhead district, off Downtown. Area brokers estimate the transaction is valued at $2.1 million, or $700,000 per acre ($16.06 per sf).
City planning staffers say the site is approved for a 20-story building totaling a maximum 500,000 sf. The tract is next to the 820,000-sf Phipps Plaza and across the Buckhead Loop from the Ritz-Carlton Hotel.
The Crescent project would compete with Hines Co.'s planned 41-story, 625,000-sf tower in Midtown where the locally based law firm of King & Spalding is negotiating with the Houston developer for a reported 400,000 sf of rental area.
Crescent's planned project comes as office vacancies in the metro area hit 19.3% in the first quarter, according to the local office of Marcus & Millichap. There is an estimated 25 million sf of office space available through the area's submarkets.
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