Investment group to buy major office tower near Perimeter Mall

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.

Earlier this year, State Farm and KDC demolished the neighboring Hammond Exchange building at Hammond Drive and Perimeter Center Parkway to make way for future phases of the office complex. 

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.