San Diego-based Equastone bought the 615,000-sf class A building for nearly $57 million last year and invested another $4 million in various improvements. It is still in the process of repairing millions of dollars in damage sustained when a tornado struck Downtown Atlanta on March 14, the first such occurrence in more than 120 years.
Houston-based PM Realty will seek to backfill nearly 50% of the building's vacancy, including a new tenant to rebrand the tower, according to Bill Weghorst, senior vice president and Atlanta region director for PM Realty. The Equitable name has been visible since the building opened in 1969, supplanting another building where Equitable Life & Casualty Insurance Co. was also a longtime tenant. Equitable no longer occupies the current building.
"It's a great presence in Downtown Atlanta, it's a great opportunity for leasing and a great branding opportunity," Weghorst tells GlobeSt.com. He says the giant Equitable letters will remain atop the building for now until a new naming-rights deal is signed with another company.
Along with continuing restoration of weather damage, Weghorst says Equastone has committed at least $1 million toward capital improvements to 100 Peachtree, with a focus on upgrading the building's lobby and ground-level retail space. A new air-conditioning system was installed earlier this year, he says.
PM Realty has vast experience with many of Atlanta's trophy office assets, including Bank of America Plaza, One Buckhead Plaza, RiverEdge Summit, One Capital City Plaza and the Lenox Building. It provides leasing, management and engineering services for more than 19 million sf in the Atlanta market.
"Anytime you get a major landmark like that, it helps us," Weghorst says. "It takes a certain quality company to be able to manage this size of a project."
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