Transwestern to buy State Farm project in Atlanta:
Transwestern Investment Group recently announced that Transwestern Corporate Properties I Investor has entered into an agreement to purchase Park Center I, the first phase of State Farm’s more than 1.7 million square feet campus in Atlanta’s Central Perimeter. The acquisition is part of a sale-leaseback transaction that follows Transwestern’s purchase of the 2.2 million-square-foot mixed-use project in Texas.
Located at 236 Perimeter Center Parkway NE, the 13-story office tower is situated on a seven-level parking structure and also incorporates ground-floor retail. The Class A building is adjacent to the Dunwoody MARTA station. State Farm employees moved into the new location late last year and will continue to occupy the 602,000-square-foot building, which is the first phase of a three-tower development. The second phase includes the development of a 22-story office building and an 18-story property.
KDC developed the project, while Cooper Carry & Associates serves as the architect and Holder Construction Co. is the general contractor.