One Peachtree Pointe Saved From Auction Block

ATLANTA-Former Georgia Tech quarterback, now commercial real estate developer, John Dewberry, is back in negotiations with his lender on a $27 million loan he used to finance his 152,000-square-foot One PeachTree Pointe building in Atlanta’s Midtown. The office and retail building had been scheduled to be auctioned on May 3rd, but Dewberry reportedly has convinced his lender to go back to the negotiation table, at least for a few weeks.

The One Peachtree Point building suffered the loss of a major tenant recently, when the law firm Seyfarth Shaw LLP, which had occupied a 50,000-square-foot-space in the building, moved to 1075 Peachtree, also in Midtown. The loss of Seyfarth Shaw left One PeachTree Pointe, built in 1999, only 60% occupied, says Chris Shaner, research director at Cushman & Wakefield of Georgia. Altogether, there are 62,000-square feet vacant in the building, he says.

“Tenant retention and maintaining cash flow is a problem today for office buildings,” says Shaner. Still, there are significant tenants looking for space, he says.