The partnership acquired the landmark office tower from Cousins Properties
A partnership between Banyan Street Capital and funds managed by Oaktree Capital Management, L.P. acquired 191 Peachtree from Cousins Properties. The new owner has retained Cushman & Wakefield as leasing agent, while Cousins Properties will continue to manage the property.
“Downtown Atlanta is a premier destination for business and commerce, and 191 Peachtree is the market’s landmark office building,” said Rudy Touzet, founder and CEO of Banyan Street Capital. “This acquisition is an important expansion of our Atlanta portfolio and demonstrates the demand for Class A office located within walkable, urban centers.”
191 Peachtree is an iconic 50-story office tower in Downtown Atlanta. Widely considered to be the premier office building in the southeast, 191 Peachtree is home to many high-caliber companies and organizations such as the Robert W. Woodruff Foundation, Deloitte, Cooper Carry, Hall Booth Smith and The Commerce Club. The Metro Atlanta Chamber is also relocating to the building this year.
Cousins Properties invested heavily into the LEED Silver-certified tower and has increased occupancy to 93 percent. Cousins completed a substantial interior renovation of the building and executed approximately 760,000 square feet in new leases and renewals. The new ownership intends to build upon this momentum by initiating select upgrades to further elevate the profile of the timeless building.
The building is located directly across from MARTA, which provides workers superior access to the airport and many Atlanta neighborhoods. 191 Peachtree also offers direct access to the Ritz-Carlton Hotel and houses a collection of retail and restaurant amenities, including Alma Cucina, Bistro 191, The Bean Counter and Jos. A Bank.
“We view 191 Peachtree as one of the finest buildings in the Southeast, which we intend to own for the long-term,” said Todd Liker, managing director at Oaktree. “We take pride in acquiring great properties and further investing in the improvement of those assets. We are excited to build upon Cousins’ success with this best-in-class building.”
Banyan Street Capital and Oaktree enjoy a long-standing partnership, having invested in over six million square feet of office properties together.
About Banyan Street Capital
Banyan Street Capital is a private equity firm focused on acquiring and managing office properties directly or in joint ventures with institutional capital partners. With a concentrated presence in the Eastern United States, the company capitalizes on the team’s experience and expertise to remain at the forefront of today’s emerging economic growth and investment strategies. Banyan Street Capital’s mission is to implement strategies that add value and deliver high risk-adjusted returns to its investors. More information about Banyan Street Capital is available at www.banyanstreet.com.
About Oaktree
Oaktree is a leader among global investment managers specializing in alternative investments, with $98 billion in assets under management as of June 30, 2016. The firm emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in distressed debt, corporate debt (including high yield debt and senior loans), control investing, convertible securities, real estate and listed equities. Headquartered in Los Angeles, the firm has over 900 employees and offices in 18 cities worldwide. For additional information, please visit Oaktree’s website at www.oaktreecapital.com.
