Peachtree Lenox is the third value-added office acquisition by the Roseview-PMRG joint venture.
ATLANTA, July, 1 2015 – Roseview-PMRG Fund I, LLC (the “Fund”), a $250 million discretionary fund formed by PM Realty Group (PMRG) and The Roseview Group, has acquired Peachtree Lenox, a Class A, nine-story, 125,669-square-foot office building in Atlanta's prestigious submarket of Buckhead for $21.3 million. This is the first acquisition in Atlanta for the fund which was formed to acquire and reposition office properties across the United States. The Roseview/PMRG partnership also owns properties in Texas and Massachusetts.
The Fund will invest several million dollars to upgrade Peachtree Lenox allowing it to take full advantage of its strategic location in the epicenter of the Buckhead submarket. The renovation program will include architectural redesign of the lobby and all common areas as well as modernization of building systems including HVAC and elevators. Peachtree Lenox is 81 percent leased and has immediate availability for users ranging from 1,000 to over 6,000 square feet. PMRG's Atlanta office will oversee property management and leasing of the building.
"Peachtree Lenox is an ideal asset for the Fund because it is perfectly situated to respond to the demands of today’s tenants, including access to quality residential neighborhoods, transportation and amenities," said Angelo LoBosco, Executive Vice President of PM Realty Group. "This property is exactly the type of product we are seeking to acquire for our Fund: value-added office properties in key infill markets with extremely strong fundamentals."
Developed in 1964, Peachtree Lenox is strategically located in the heart of Buckhead on Peachtree Road between Lenox Mall and the Atlanta Financial Center and directly between the W Hotel and Westin Hotel. The building is just minutes from the Buckhead Loop, GA 400 and the Buckhead MARTA station, providing convenient access to the Atlanta Central Business District, Central Perimeter and other nearby communities. Furthermore, Buckhead is home to the finest retail stores, hotels, restaurants, residential neighborhoods, prestigious schools, art galleries, the Atlanta History museum, the Governor’s Mansion, and 30 parks. Peachtree Lenox is leased to several high profile firms including Branch Banking & Trust (BB&T), Bosley Medical, Randstad Staffing, Martenson, Hasbrouck & Simon and Withrow, McQuade & Olsen.
About Roseview-PMRG Fund I, LLC
Roseview-PMRG Fund I, LLC seeks to acquire and reposition existing office assets, which can be acquired below replacement cost, by investing capital to upgrade building common areas and mechanical systems and to fund tenant improvements and leasing commissions. The Fund will bring an operational approach to owning office assets and, in addition to growing revenue, will focus on operating buildings more efficiently, improving the tenant experience and reducing waste and promoting eco-friendly consumption. The Fund will target mid-teens returns with total investment per asset of $15 to $65 million in primary and secondary markets.
About The Roseview Group
Founded in January 2001, The Roseview Group is a market leading real estate advisory and investment company with offices in Boston, Seattle and Philadelphia. The firm is built around a veteran team of partners from the real estate, investment and banking industries who have led investment companies, launched funds, raised and invested billions of dollars in institutional capital, worked in and with family offices as well as public and corporate pension funds, and established a track record of success across
multiple decades in the business on behalf of both institutions and private investors. Roseview partners value long-term client relationships, understand the complexities of the real estate and capital markets, and execute transactions in a thoughtful, sophisticated and transparent manner.
The Roseview Evergreen Fund is a discretionary separate account with a major U.S. corporate pension fund. The Fund is investing up to $500 million (total capitalization) in strategic partnerships with high-quality operators. The Fund is also actively seeking acquisitions of value-added multifamily assets across the United States. www.roseview.com