Sovereign a regal addition to Atlanta skyline

Business

Sovereign building in Buckhead is one of the tallest in metro Atlanta.

David Tennery (left), principal, and David Allman, chairman of Regent Partners, stand in front of a model of their Sovereign building project in Buckhead.

The developers of 3344 Peachtree, the tallest new building in Atlanta in 16 years, could not have picked a more inhospitable year to open. It towers over other buildings in Buckhead, defying the downturn in the economy.

A $250 million project, 3344 Peachtree is the culmination of a 15-year effort to transform Tower Place, one of Atlanta's earliest mixed-use developments, located near Lenox Square, into an ultra-urban destination.

The curved glass building with the blue hue includes 82 condominiums that begin at $1 million. It has pricey artwork by Todd Murphy and Michael Stipe, the R.E.M. front man.

A development as big as 3344 Peachtree represents a bet on where Buckhead is trending.

Regent Partners owns roughly 40 percent of the project and San Francisco-based Farallon Capital Management 60 percent. 3344 Peachtree is the biggest project Regent has ever taken on.

More than 70 percent of the 500,000 square feet of office space is leased. About a third of the condos have sold or are under contract.

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David Tennery (left), principal, and David Allman, chairman of Regent Partners, stand in front of a model of their Sovereign building project in Buckhead.

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