August 11, 2016
Franklin Street Properties Corp. is now the owner of Pershing Park Plaza at 1420 Peachtree St. NE in Atlanta. The seller, ELV Associates Inc. of Boston, walked away from the deal with $45.5 million. Franklin Street plans an additional $1.8 million of capital investment into its newest asset.
The 160,000-square-foot Pershing Park Plaza is a nine-story, Class A building in Midtown Atlanta. The property is 97% leased to three tenants. The largest tenant is international law firm Jones Day, which occupies approximately 88% of the building.
The acquisition is the Wakefield, MA-based REIT’s second in the Midtown Atlanta submarket. Franklin Street also owns 999 Peachtree St.
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