One Buckhead Plaza Sold for Nearly $160 Million

A Buckhead office tower has sold for one of the highest prices ever paid for a piece of real estate in Atlanta.

Atlanta Business Chronicle reports that Parkway Properties has bought One Buckhead Plaza for $157 million, or nearly $340 per sq. ft. The price per square foot is one of the highest ever paid in the city, surpassed only by 3344 Peachtree and 3630 Peachtree, both located in Buckhead.

Located next to the booming new Buckhead Atlanta mixed-use retail development, rents at One Buckhead Plaza could increase from approximately $20/sq.ft. to $30/sq.ft. or more.

The sale of One Buckhead Plaza confirms the continuing boom in office tower and retail construction and sales in the area; RH Design is opening a 6-story gallery across the street from Buckhead Atlanta, and fashion icon Dior plans to build a free-standing boutique within the billion-dollar development.