Hines has announced that 1180 Peachtree, the Gold-certified LEED Core and Shell office building located at the corner of Peachtree and 14th Streets in Atlanta's Midtown submarket, has been sold to an affiliate of the General Electric Pension Trust.
The 41-story, 669,711-ft² office building was sold by NOP 1180 Peachtree LLC (NOP 1180), a partnership of the California Public Employees' Retirement System (CalPERS) and Hines. Hines, who developed the project, has managed and leased it since its completion earlier this year and will continue in these roles.
NOP 1180 was represented in the transaction by Randy Evans, Michael McDonald, Ken Grimes, and Robert McCall of Eastdil Secured. Scott Orton, managing partner of Bullock Mannelly Partners, provided acquisition advisory services and arranged financing on behalf of the purchaser.
Designed by Pickard Chilton Architects, 1180 Peachtree is currently 88% leased to some of Atlanta's premier companies, including: King & Spalding; Rabobank; Russell Reynolds Associates; Allsteel; Coal Marketing; and One Georgia Bank. H. Stockton Clothier, an established local haberdasher, and two upscale restaurants from renowned restaurateur Bob Amick will anchor the retail at the base of the building.