Atlanta Braves Pays $93M for Office Campus Near Ballpark
Atlanta Braves Holdings Inc. has taken a big swing and expanded its footprint near its ballpark in Cobb County, Ga., by acquiring Pennant Park, a six-building campus with 763,465 square feet of office space, from longtime owner Rubenstein Partners. The property changed hands for some $93 million, according to the buyer’s SEC filing from April 1.
Located at the intersection of interstates 75 and 285 in Atlanta’s Northwest submarket, Pennant Park was more than 80 percent leased at the time of sale. The site will be used for additional parking for baseball games and other events at Truist Park, the home of the Atlanta Braves.
But Mike Plant, president & CEO of Braves Development Co., also described the acquisition as a strategic step in the growth of the company’s real estate portfolio. The announcement referred to future opportunities for densification, particularly at Pennant View, a 17-acre site that has two six-story multi-tenant office buildings as well as surface and structured parking totaling more than 970 spaces. No specific plans for additional development or redevelopment were released.
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Pennant Park also includes Pennant Commons, a 17-acre campus with four office buildings ranging from four to six stories centered around a recently upgraded communal plaza known as The Quad. The site includes surface and structured parking with more than 1,700 spaces. Buildings 320 and 340 are fully occupied by The Home Depot. The remaining buildings—360 and 380—are leased to 14 tenants.
The property features 24-hour security, on-site engineering, a conference center, two fitness centers, on-site car detailing services, two cafes and Social Kitchen tenant lounge and café. Other amenities include a bocce ball court, putting green, multi-sport game court, helipad, lake with jogging trail and a Cobb Community Transit System bus stop.
Increased footprint
The acquisition increases Atlanta Braves Holdings’ existing land footprint by more than 30 percent. In addition to the leasable office space, the purchase brings total available square footage to more than 3 million square feet across the company’s properties, Truist Park and The Battery Atlanta. In addition to shopping and dining, The Battery has two hotels, 531 residential units, The Coca-Cola Roxy entertainment venue and office space including One Ballpark Center, Comcast’s regional headquarters.
The firm’s office footprint also includes Two Ballpark Center, home to SPACES; Three Ballpark Center, which is home to the global headquarters of Papa Johns and the North American headquarters of TK Elevator; and Four Ballpark Center, with tenants Southwire and DCO Commercial Floors. Construction of Five Ballpark Center, a 250,000-square-foot office building that will serve as national headquarters for Truist Securities, has recently wrapped up. It will be home to approximately 1,000 employees.
An improved office campus
Philadelphia-based Rubenstein Partners acquired Pennant Park in April 2016. Following the purchase, the firm invested about $17 million in improvements at the site, with the goal of creating a walkable Class A urban office environment. The capital improvement plan included creating The Quad, improving walking and biking connections to nearby amenities and renovating the lobbies, restrooms and building systems over a four-year period.
The company also signed more than 550,000 square feet in leases between 2016 and 2020. In December 2020, Rubenstein received a $114 million, four-year, floating-rate loan from Nuveen Real Estate to refinance the property.
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