Franklin Street Unloads Atlanta’s Pershing Park Plaza

Franklin Street Properties Corp. REIT sold Pershing Park Plaza for $34 million, a loss of more than $11 million. In 2016, Franklin Street bought the 160,000-square-foot building for $45.5 million. 28th Street Ventures was the buyer. Will Yowell, Ryan Reethof, Jay O’Meara and Justin Parsonnet with CBRE’s Institutional Office Properties team in Atlanta represented the seller. The nine-story building at 1420 Peachtree Street is where Peachtree and West Peachtree streets meet.

Franklin Street announced the sale in its third-quarter earnings report, saying since December 2020 the company said it has sold select office properties to pay down debt. It allocated $27.4 million from the Pershing Park sale to repay debt.

In it’s quarterly report, Franklin’s George Carter said, “Our directly-owned real estate portfolio of 15 owned properties, totaling approximately 5.0 million square feet, was approximately 70.4% leased as of September 30, 2024, compared to approximately 74.0% leased as of December 31, 2023.”