Investment group to buy major office tower near Perimeter Mall

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Investment group to buy major office tower near Perimeter Mall

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KENT D. JOHNSON / AJC/KDJOHNSON@AJC.COM
August 9, 2016 DUNWOODY The State Farm tower rises along Hammond Drive in Dunwoody. State Farm is seeking $48.6 million in tax incentives not just for future Dunwoody office buildings, but for a tower that's already nearly complete. Though tax incentives are usually used as a tool to attract new development, the site's developer says State Farm needs the money to make its expansion feasible. In all, the State Farm project is expected to house about 7,500 employees on a 17-acre campus near Perimeter Mall. KENT D. JOHNSON/kdjohnson@ajc.comTaken on Tue, Aug. 9, 2016 with NIKON D4, on Shutter Priority, 1/640 sec, 24-70 zoom at 32mm, f/2.8, 1000 ISO

Transwestern Investment Group said Thursday one of its investment units has a deal in place to buy the first tower in insurance giant State Farm’s new Dunwoody campus.  

The deal, which is expected to be completed in July, won’t change much for State Farm’s workers. The insurer will remain in the building under a longterm lease, and State Farm and its development partner KDC have already started construction of the second of what is expected to be at least three towers on the site.  

Park Center I opened late last year. The complex is similar to two other national operations center State Farm has built in metro Phoenix and the Dallas area. A unit of Transwestern recently acquired the Texas complex in a similar sale-lease back transaction.  

Park Center I has 13 stories of office space above a seven-level parking structure. It’s design has been hailed for its integration with the platform for the MARTA station adjacent to Perimeter Mall.  

Video by OxBlue Corp.

Terms of the transaction were not immediately available, a Transwestern spokeswoman said. Given Transwestern’s history acquiring the Dallas center, the company would seem to be a likely candidate to purchase the later phases of development. The spokeswoman declined to comment on potential future deals. 

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