ATLANTA—34 Peachtree, a 30-story office tower in Downtown Atlanta, has a new owner. Fairlead Commercial Real Estate LLC and The Creations Group snapped up the mortgage note for $11.85 million in partnership with Asian-based private investors.
The sale price equals $39 per square foot. The prior ownership paid $28.25 million, or $94 per square foot, for the property in 2005. One Park Tower LLC acquired the note in an all-cash transaction. Cushman & Wakefield represented special servicer Midland Loan Services in the note sale.
Fairlead acted on behalf of the ownership entity, One Park, in the note acquisition, the foreclosure and the transition over to the new owner and operating company. The 282,589-square-foot office tower went into foreclosure Sept. 3.
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