Underground Atlanta’s new owner has added to his collection of nearby properties with the purchase of a mostly empty office tower.
Shaneel Lalani, who lives in Norcross, bought the 30-story One Park Tower for $12.75 million, according to a spokeswoman. The 300,000-square-foot building, also known as 34 Peachtree, is located at Peachtree and Marietta streets.
The 1961 office tower is about two blocks from the entrance to Underground Atlanta. Lalani said that he wants to revitalize both properties. Underground has struggled for years, and One Park Tower is about two-thirds vacant.
“We are in the exploratory phase now, with the ultimate goal of maximizing the potential of One Park Tower and building on the energy we will soon create at Underground Atlanta,” Lalani said in a news release.
Lalani owns a coin-operated gaming company that has a contract with the Georgia Lottery and a company that owns convenience stores. He acquired Underground last year for an undisclosed price from WRS Inc. of South Carolina, which never began a planned renovation.
Lalani said he has the financial wherewithal to improve both Underground and One Park Tower, noting he bought it without outside financing.
“Our hats go off to him for recognizing the potential value of this downtown tower’s prime Peachtree Street location,” Central Atlanta Progress president A.J. Robinson said in the release.
One Park Tower last changed ownership in 2013 when it sold for $9 million in foreclosure proceedings, according to Fulton County tax records. Tenants include the Atlanta Downtown Improvement District and HOPE Atlanta, a nonprofit organization that fights homelessness.
The 439-foot One Park Tower was Atlanta’s tallest building from its opening until 1966, when the nearby 2 Peachtree opened, according to data provider Emporis. One Park Tower is visible from the I-75/85 connector and from Mercedes-Benz Stadium. Lalani said he may sell signage rights to the building.
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