The new owner of Underground Atlanta has acquired nearby One Park Tower, the 300,000-square-foot office building located at 34 Peachtree Street in Downtown.
Shaneel Lalani purchased the building for $12.75 million without any outside financing, according to a press release. Lalani said he will continue to explore other “value-add opportunities in the Atlanta area” and the latest acquisition shows his commitment to investing in South Downtown.
Located just two blocks from Underground, One Park Tower is currently 33% occupied, and Lalani said he will hire an in-house broker to oversee leasing at the property.
Similar to Underground Atlanta, Lalani said he will take a local, hands-on approach to ownership and has already met with some of the building’s tenants, including HOPE Atlanta, a nonprofit focused on fighting homelessness, and Atlanta Downtown Improvement District, the public-private partnership and nonprofit with works to better with the city core with Central Atlanta Progress.
“We are excited to expand our footprint and investment in Downtown,” said Lalani. “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. We are out here multiple times a week, walking the streets, talking to people and meeting with businesses to learn more about what they want to see happen in Downtown. We are passionate about making this corridor a vibrant, walkable place to be.”
Lalani is the CEO of Billionaires Funding Group, an Atlanta-based company with a real estate portfolio that spans over two million square feet of commercial space. He has completed more than 100 real estate transactions that are valued at approximately $250 million, according to the press release.