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FOR IMMEDIATE RELEASE
December 1, 2006
Regent Partners, LLC Acquires the Last Remaining Undeveloped Land Parcel Contiguous to its Tower Place Development
The 4.54 Acre Site Enjoys Prominent Visibility from GA 400 and has a Peachtree Road Address
ATLANTA - Regent Partners, LLC has acquired the last remaining undeveloped parcel of land adjacent to the Tower Place complex. The 4.54 acre parcel includes both land and air rights, and is zoned for 1.5 million square feet of development. It was purchased from TRC Two Capital City Plaza, LLC for an undisclosed price. The parcel, which is currently used as extra parking space for the Capital City Plaza, will be accessed by an extension of Tower Place Drive; allowing for the opportunity to create an elegant, courtyard style front arrival plaza overlooking the recently named Paul Coverdell Park. The Site will also have a Peachtree address.
"This is a strategic and significant acquisition for Regent Partners," said David Allman, Chairman, Regent Partners, LLC. "It will allow us to fulfill our vision for the Tower Place development and continue to enhance the work/life experience of the Buckhead community with architecturally significant development in a timely and well-planned manner. We are particularly excited by the prominence this piece of property has from GA 400, and believe it will make an excellent corporate headquarters for an organization seeking a marquee building," added Allman.
Regent Partners is presently in the planning stages for the property and has not determined a timeline for development. However, Allman says, "We certainly envision a mixed-use purpose, possibly with hotel, office, and a residential component -- but nothing is firm as of yet."
About Regent Partners
Established in 1988, Regent Partners, LLC is a leading Atlanta-based real estate development, investment and services firm. Currently the partnership has more than $400 million in active development construction projects. Regent Partners, LLC merged with Urban Realty Partners earlier this year strengthening its position in urban redevelopment and mixed-use projects throughout the southeast. The company also has a strategic relationship with Jones Lang LaSalle which is helping to lease and manage its newest building 3344 Peachtree.
Since Regent Partners' inception, the company has acquired and developed more than 10 million square feet of office, residential and hotel space valued in excess of $1.4 billion. Regent Partners' diverse portfolio includes hotel, residential, office, retail, mixed-use and land holdings. The senior management team consists of executives with more than 150 years of combined experience developing, managing, leasing and constructing commercial real estate assets. For more information about Regent Partners, visit www.regentpartners.com.
Recent projects include:
Tower Place: The Company's landmark project is a 26-acre mixed-use development located in the heart of Buckhead on Peachtree Street at Georgia Highway 400. With more than 900,000 square feet of office space in two towers, Tower Place provides more than 1.7 million square feet of office, retail, hotel and residential space, creating a true live/work/play community in one of Atlanta's most desirable in-town neighborhoods. www.towerplace.net.
3344 Peachtree Road and SOVEREIGN: The most recent addition to Tower Place, 3344 Peachtree Road which includes the 93 luxury residences of SOVEREIGN. This signature mixed-use vertical tower is creating an architectural statement in Atlanta's prestigious Buckhead community. The 50-story, 635-foot-tall building will include 500,000 square feet of Class A office space, a retail component including fine-dining, and 93 luxury condominium homes priced from $1 million. The building is designed by Smallwood, Reynolds, Stewart, Stewart and Associates. www.3344peachtree.com or www.sovereignbuckhead.com.
The Westin Alexandria, Alexandria, Va.: This 15-story mixed-use building will include a 319 guestroom luxury hotel and conference facility, 79 condominium homes, and an upscale street-level restaurant and retail space. The project is under construction and will open in fall 2007.
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