100 Peachtree to Undergo Transformation in Downtown ATL
Thursday, October 12th, 2017
Zeller Realty Group, a commercial real estate firm operating over $2.5 billion in investments, has selected JLL to lease its newest asset, 100 Peachtree in downtown Atlanta. Zeller is transforming the iconic office building into an urban center through a speculative office program, building modernization and on-site programming. Kevin Lott, Brooke Dewey and David Horne of JLL are overseeing marketing and leasing of the building.
100 Peachtree is a landmark in Atlanta’s skyline. The 32-story, 620,000-square-foot Class A office building represents Chicago-based Zeller’s second investment in the market. The real estate firm acquired 100 Peachtree in May 2017 and Premier Plaza in Atlanta’s Central Perimeter submarket in December 2016. Zeller is actively seeking additional investment opportunities in metro Atlanta.
With JLL’s assistance, Zeller will reintroduce 100 Peachtree to the market through several capital improvement projects positioning the building to appeal to the lifestyle of modern, urban office tenants.Gensler is overseeing building renovations and re-design of the 18th floor amenity center.
The large plaza at 100 Peachtree sits adjacent to historic Woodruff Park. Plans to activate the plaza and engage with the community include public art installations, live entertainment and other experiential programming, seamlessly blending the corporate environment into the vibrant Fairlie-Poplar neighborhood.
Zeller is also launching an innovative speculative office program on the third floor of 100 Peachtree, known as “Spur.” Zeller has selected four local architects to create four unique, functional office suites designed to engage the community in a discussion on workplace trends, the future of the work environment and capture the energy of downtown Atlanta. The program kicked off last month with construction complete by first quarter 2018.
The Boston Consulting Group recently announced it will occupy two floors totaling 40,000 square feet in 100 Peachtree. According to a recent research report from JLL Atlanta, Class A office rents in the Downtown submarket have increased 33 percent since 2015 as demand for office space has spiked. The younger workforce wants to work in vibrant, walkable communities and employers are following, said Craig Van Pelt, Director of Research at JLL.
“100 Peachtree is an iconic property that combines the convenience of downtown Atlanta with access to some of the top talent in the country,” said Alan Wise, a Senior Partner and Managing Director of BCG’s Atlanta office. “We are thrilled to expand our footprint and harness the potential of our innovative community.”
BCG’s expansion at 100 Peachtree could potentially create upwards of 500 jobs over the next decade. The firm plans to invest nearly $9.0M into its new space. BCG hired VeenendaalCave to design its new office. Phil and Hilton Barry of Avison Young represented BCG in the lease transaction. Scott DeMeyer, Deming Fish and Reeves Henritze of Colliers represented the Landlord, an affiliate of Zeller Realty Group.
Zeller has significant expertise in repositioning traditional office buildings through place-making. The real estate firm successfully activated Pioneer Court, the plaza located at 401 North Michigan in Chicago,through a rotating art program and engaging public activities that have been embraced by Chicago’s Magnificent Mile community. Zeller acquired 401 North Michigan, the sister building to 100 Peachtree, in 2001. The world-renowned architectural firm of Skidmore, Owings & Merrill designed both office buildings as Equitable headquarter towers. Each skyscraper is a distinctive example of the SOM’s international style.
“Zeller is enthusiastic about joining the many stakeholders that are actively rejuvenating the downtown Atlanta community. JLL is a trusted partner and has significant experience repositioning assets to maximize value for both the tenant and the landlord,” said Atlanta-based Mark Vollbrecht, principal at Zeller Realty Group.
“JLL is proud to be entrusted to execute Zeller’s meaningful vision for 100 Peachtree,” said JLL’s Dewey.