NEW YORK, NY - Greystone Brown Real Estate Advisors announced it has closed on the sale of Presidential Tower, one of Atlanta’s most recognizable commercial buildings known for its cylindrical shape. The property was sold by Hays Financial Consulting LLC to Peacock Partnership, Inc., and was represented by Taylor Brown of Greystone Brown.
Constructed in 1973 and standing 15 stories high, the property was the former Presidential Hotel. The structure, located at 4001 Presidential Parkway, is viewable from Atlanta’s major traffic corridor, Spaghetti Junction at I-285 and I-85. However, over the last several years, the property fell into disrepair. With separate condominium portions of the property owned by different parties unwilling to sell, the transaction was delayed, but new owner Peacock will now move forward with plans to convert the property into seniors housing. Once complete, the complex will be one of the largest seniors communities in Metro Atlanta.
“After five years of negotiating this sale with various individual condo owners of the property, we are thrilled with the outcome for Peacock and their plans to revitalize the property for a use that is in high demand,” said Mr. Brown, Director at Greystone Brown Real Estate Advisors. “This property will once again be a shining beacon for those traveling through Spaghetti Junction in Atlanta.”