Franklin Street Properties Closes on 999 Peachtree Building

Franklin Street Properties, a commercial real estate investment company, said Tuesday it closed on its $157.9 million purchase of the 999 Peachtree building.

It purchased the iconic building from Jamestown — developer behind the Ponce City Market in Old Fourth Ward.

Jamestown purchased the 28-story building in 2007 for $127 million from Childress Klein Properties, which developed the 621,000-square-foot structure in 1987.

At the time of the purchase, the building was 83 percent leased and Jamestown brought that rate to 95 percent.

“Jamestown has committed significant energy and resources to 999 Peachtree, and we are proud of the success it has become today,” Matt Bronfman, Jamestown's CEO, said in a statement.

“Our achievements in restoring the asset to true Class “A” status, combined with the strong capital markets environment for core assets, made it an enticing acquisition for FSP.”