Pru Sells Colonial 76% Interest in 1355 Peachtree St. for Nearly $44M

ATLANTA-Prudential Real Estate Investors/TMW Real Estate has sold its 76% interest in the Peachtree office condominium building to Birmingham, AL-based Colonial Properties Trust for $43.8 million or $168 per sf. Colonial’s acquired 260,000 sf in the 20-story, 345,244-sf, 16-year-old property is 75% leased, the company says in a prepared statement.

The building’s other owners are Swift, Currie, McGhee & Hiers LLP law firm (about 48,000 sf); and eight other tenants, including Lightmas & Delk and Exchange Chemical. Swift Currie is negotiating a sale-leaseback on its quarters, persons in a position to know tell GlobeSt.com.

Tom Hallowell, senior vice president in Colonial’s office division, calls the Peachtree an “architectural treasure” and “an excellent investment” for his firm. The building “has one of Atlanta’s marquee addresses along Peachtree Street,” he adds.

When a $1.8-billion joint venture acquisition of 137 office buildings in four cities from Boca Raton, FL-based CRT Properties closes by October, Hallowell says Colonial will manage 3.1 million sf in Atlanta and will bring the company’s metro office portfolio to 4.3 million sf. Colonial’s joint venture partner in the CRT deal is New York-based DRA Advisors LLC. The Peachtree acquisition was funded from proceeds Colonial gained in the previously reported sales of Colonial Mall Macon and Colonial Mall Burlington.