999 Peachtree Could Fetch $160M-Plus in Disposition

ATLANTA—Jamestown is selling 999 Peachtree, its iconic office tower in Midtown. Jamestown acquired the office building in 2007. Jamestown is seeking target sale price north of $160 million, with price per square foot ranging in the mid-$200s. The cap rate is expected to be in the low-to-mid 6% range.   Jamestown has successfully repositioned the office tower, adding tenants like Gensler, Oxford Industries, Clothing Warehouse, and En Paris. 999 Peachtree is also home to one of the South’s most recognized restaurants, Empire State South.

As part of the repositioning, Jamestown committed to sustainability-focused programs at the property, including water reclamation systems, bike-share programming and a partnership with a local Community Sponsored Agriculture program. As a result, 999 Peachtree achieved LEED Silver-EB certification in 2009.   “Jamestown has committed significant energy and resources to 999 Peachtree ….” Matt Bronfman, CEO of Jamestown, said in a statement. “Our success in restoring the asset to true class A status combined with the strong capital markets environment for core assets makes it an ideal time for us to bring this property to market.”   999 Peachtree offers about 620,000 square feet of office, retail, and restaurant space and is 94% occupied. Sutherland, a leading Atlanta-based law firm, is anchoring the office building for at least the next eight years. Jamestown has engaged Eastdil Secured to represent them in the sale.