18-story office tower purchased for $69 million with WHI Real Estate Partners
ATLANTA – Childress Klein, one of the Southeast’s preeminent real estate developers, has acquired Galleria 100, an 18-story Class A office tower in northwest Atlanta that was originally developed by Don Childress in 1982.
Childress Klein purchased the 415,000-square-foot building in conjunction with real estate investment firm WHI Real Estate Partners L.P. for $69 million. Galleria 100 is located in the award-winning Atlanta Galleria, an 86-acre master-planned development featuring six Class A office towers, a four-star hotel and the Cobb Galleria Convention Center. With the acquisition, Galleria 100 has come full circle, returning to the team that developed the landmark property. Although the Galleria site was once considered undevelopable due to its topography Don Childress, at that time with Trammell Crow, recognized that the property’s close proximity to major interstates and potential appeal to area employers outweighed the risks.
Today, Galleria 100 is one of the most recognized office towers in northwest Atlanta and is now connected by a pedestrian and multi-use bridge to the new home of the Atlanta Braves, SunTrust Park, and The Battery Atlanta, an adjacent 1.5-million-square-foot mixed-use and entertainment district.
Since its completion in 1982, Childress Klein has leased and managed the building on a third-party basis. Major tenants at Galleria 100 include Aflac, Freeman Mathis & Gary, Fresenius Medical Care and The Georgian Club.
“Galleria 100 is a timeless building positioned within northwest Atlanta’s premier office community,” said Gordon Buchmiller, Atlanta managing partner at Childress Klein. “This was one of our firm’s first major developments in Atlanta, and we’re excited to partner with WHI Real Estate Partners in acquiring this irreplaceable asset.”
Connie Engel, partner with Childress Klein’s Atlanta office division, will continue to lease Galleria 100, which has approximately 41,000 square feet available.