Downtown Tract Back In Play for $20M

ATLANTA-With class A office space hovering at the 20% vacancy level and property owners offering generous rental concessions, local developers remain unfazed as they plan new Downtown ventures.

Area office brokers tell GlobeSt.com representatives for two separate buyers are negotiating on a prime 6.7-acre Downtown tract, covering three city blocks from Williams Street to MARTA’s Civic Center station on West Peachtree Street. Brokers tell GlobeSt.com the deals could be done by year end.

The estimated asking per-acre price is at least $20 million, or about $2.98 million per acre ($68.53 per sf), one of the highest in recent city real estate annals, brokers says. The land is zoned for high-density development, staffers at the city’s planning and zoning department confirm for GlobeSt.com.