Piedmont Buys Atlanta Office Tower, Land For $95M
The Galleria 100 is an 18-story office building that is 91% leased.
ATLANTA—Piedmont Office Realty Trust has bought an office tower and a 1.5 acre development parcel within The Galleria in northwest Atlanta. The purchase price was $95.1 million.
The property, Galleria 100, is an 18-story office building that is 91% leased and consists of 414,000 square feet. Piedmont already owns the adjacent Galleria 200 and Galleria 300 properties in the development. The new office building brings Piedmont’s total ownership to 1.3 million square feet.
The Galleria is a master-planned, mixed-use development in northwest Atlanta. Piedmont said The Galleria is the only Class A office node in this Atlanta submarket with direct access to The Battery, a entertainment, retail and residential mixed-use center which includes SunTrust Park, home of the Atlanta Braves, and the Coca-Cola Roxy Theater. The Galleria development includes office and retail, a four-star hotel and the Cobb-Galleria Convention Center.
Piedmont is an owner, manager, developer, redeveloper and operator of Class A office properties in sub-markets in eight major Eastern US office markets. It has a $5 billion portfolio comprised of nearly 17 million square feet.