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.