Banyan Street Capital announced it will kick off a $4.5 million capital improvement plan for 191 Peachtree Tower, the 50-floor, twin-crown office building in Downtown Atlanta.
The real estate investment firm, along with funds managed by Oaktree Capital Management, L.P., will renovate the tower’s seven-story atrium lobby and dining spaces and build five new spec suites, totaling 24,337 square feet on the 22nd floor. Construction will begin at the end of the summer, and tenants will start enjoying the modernized spaces next spring, according to a press release.
The capital improvement plan involves modernizing 191 Peachtree’s lobby to more fully integrate with the Ritz-Carlton and food and beverage offerings, while preserving the architectural features, such as the Rosa Dante granite and tinted glass.
In the revamp plan:
- Lobby-level fine dining Mexican restaurant Alma Cocina will get a new millwork bar and plaza dining experience.
- The entrances into Alma Cocina and The Ritz-Carlton will be transformed with a new façade/awning, integrated seating, and refreshed lighting.
- The lobby’s coffee bar, Land of a Thousand Hills, will get a face lift with a new bronze and glass overhang, upscale tiling and stone countertops.
- Throughout the lobby, tenants and guests will enjoy reimagined gathering areas.
“While it’s no secret that Downtown Atlanta has faced some recent challenges, we believe the pendulum is swinging back and we want to ensure this incredible asset remains the most accessible luxury office experience in Atlanta,” said Zac Gruber, president of the office division at Banyan. “The data shows positive tailwinds in the leasing market—tours are up, proposal activity is picking up, and there is renewed interest in Downtown from tenants seeking trophy space as the availability of new trophy product leases up and tenants look to upgrade to higher quality space. With our reinvestment in the building and its premier presence on the Atlanta skyline, we’re positioning 191 Peachtree to capitalize on this momentum.”
Banyan said it will also unveil a large block availability near the top of the building that would offer the possibility of building top signage or naming rights to a large user for the first time in the building’s history.
The tower, which opened in 1990, is already home to The Woodruff Foundation, Grady Foundation, Osmose Utility Services, Metro Atlanta Chamber, as well as dozens of law firms, community foundations, and nonprofits. Another longtime tenant, Cooper Carry’s The Johnson Studio, led the design for the tower’s reimagined lobby and dining spaces.