Prime Piece of Peachtree Hits the Market

By Tony Wilbert, Wilbert News Strategies LLC

ATLANTA (June 17, 2009 - A prime piece of Peachtree Road in Buckhead is on the market. Tom Miller, a newly minted executive vice president of Grubb & Ellis, has been hired to market the property at 3330 Peachtree for sale or lease.

Until recently, the building housed the Buckhead campus of American InterContinental University. But AIU has consolidated the Buckhead campus into its main campus at Embassy Row. As a result, the property is on the market.

The property is adjacent to the new office/condo tower is adjacent to the new tower at 3344 Peachtree, the condo portion of which is known as Sovereign. The AIU property is a high-profile site, and the highest-and-best use probably isn't a mid-rise office building that's been used as a school.

The site at 3330 Peachtree is ideal for an office or mixed-use tower. Only problem is, Buckhead has a couple too many of those right now. But the market is starting to show signs of improvement, and if Marsh moves to Two Alliance Center, another of those new towers will have its first sizable tenant.

But for now, forget about any office development in Buckhead for a couple years, even though the 3330 site is a good one.

Meanwhile, Miller probably will work to get someone in the building at a great rate and then work on finding a buyer interested in scraping it and thinking big down the road. We'll keep an eye on this prime piece of Peachtree.