ATLANTA-In a sign that Atlanta’s office market is heating up, 3344 Peachtree has sold for $167.25 million. The Buckhead trophy property is more than 95% leased.

Jones Lang LaSalle closed the sale for Regent Partners. Parkway Properties purchased the 484,000-square-foot building. JLL Managing Director Chris Marshall and Senior Vice President Ralph Smalley led the transaction, while Managing Director Steve Collins provided assistance in sourcing interest from foreign investors and Senior Vice President Jeff Frantz provided local leasing expertise.

"Evidence of the building's fundamental strength is the fact it leased to its current occupancy during an economic downturn and while faced with competition of more than 2 million square feet of space from four other new office buildings," Marshall says. "Investors looking for alternatives to the 'gateway' cities such as Washington, D.C. are beginning to focus on markets such as Atlanta. This sale should serve as a pivotal benchmark for core pricing and attract investors to our market.”

Completed by Regent Partners in mid-2008, 3344 Peachtree Road is located in the heart of Buckhead along the newly upgraded Peachtree Road. The building provides Peachtree frontage and a Peachtree Road address while maintaining convenient direct access to the Buckhead Loop, GA-400 and Atlanta's major thoroughfares. From street level the building offers a promenade with casual dining, banking and financial services, and Bistro Niko, a leading Atlanta restaurant.