Transwestern Investment Group announced May 25 that Transwestern Corporate Properties I Investor has reached an agreement to acquire Park Center I — the State Farm building now open adjacent to the MARTA station — as part of a sale-leaseback transaction with State Farm Auto Insurance Co., according to a press release from TIG.
The agreement follows Transwestern’s acquisition of the 2.2 million-square-foot, mixed-use project in Texas occupied by State Farm under long-term leases.
Park Center I is the 21-story State Farm office tower that includes ground-floor retail. The Class A building is located on four acres at Hammond Drive and Perimeter Center Parkway. State Farm employees began moving into the new building in November.
The completed building is part of the State Farm office regional hub complex now under construction. The second phase includes the construction of a 22-story office building and an 18-story office building.
Transwestern had plans to build an office tower across the street from the State Farm complex on a small piece of the Perimeter Mall parking lot, but the Dunwoody City Council nixed those plans by only approving the tower be 16 stories tall rather than the requested 20 stories.
Check out webcam videos of the construction completed and construction underway by clicking here.