Shaneel Lalani furthers his commitment to Downtown with acquisition of One Park Tower

The new owner of Underground Atlanta, Shaneel Lalani, today announced his company’s acquisition of One Park Tower, the 300,000-square-foot office building located at 34 Peachtree Street in Downtown Atlanta. Just two blocks from Underground Atlanta, the office tower acquisition aligns with Lalani’s strategy of buying high potential real estate properties and shows his commitment to investing in South Downtown.

Lalani purchased the tower from One Park Tower Holdings, LLC for $12.75 million without any outside financing. The acquisition reflects the financial strength of the company and its ability to close quickly. Lalani said he will continue to explore other value-add opportunities in the Atlanta area.

Similar to Underground Atlanta, Lalani will take a local, hands-on approach to ownership and has already met with some of the building’s tenants, including HOPE Atlanta, a nonprofit focused on fighting homelessness, and Atlanta Downtown Improvement District, a public-private partnership and 501(c)3 nonprofit, charitable organization that strives to create a livable environment for Downtown Atlanta under Central Atlanta Progress.

“Lalani brings a fresh perspective to Atlanta’s commercial real estate scene,” said A.J. Robinson, president of Central Atlanta Progress. “Our hats go off to him for recognizing the potential value of this Downtown tower’s prime Peachtree Street location. We look forward to building our relationship with him and working together to enhance the Downtown experience.”

Park Tower is currently 33% occupied. Lalani is exploring a variety of value-add strategies and hiring an in-house broker to oversee leasing at the property. Located next to 100 Peachtree, the office tower with the digital Georgia’s Own sign, Lalani pointed out the unique building-top signage opportunity at One Park Tower, with visibility from the freeway and Mercedes-Benz Stadium.

“We are excited to expand our footprint and investment in Downtown,” said Lalani. “We are in the exploratory phase now, with the ultimate goal of maximizing the potential of Park Tower and building on the energy we will soon create at Underground Atlanta. We are out here multiple times a week, walking the streets, talking to people and meeting with businesses to learn more about what they want to see happen in Downtown. We are passionate about making this corridor a vibrant, walkable place to be.”

Lalani is the CEO of Billionaires Funding Group, an Atlanta-based company with a real estate portfolio that spans over two million square feet of commercial space. He has completed more than 100 real estate transactions that are valued at approximately $250 million. The majority of Lalani’s real estate assets are located in Georgia.