State Farm Office Tower: Transwestern Buying Another

Transwestern Corporate Properties has agreed to acquire this State Farm building in the Atlanta area.

In Atlanta, Transwestern Corporate Properties I Investor has reached an agreement to acquire Park Center I in Atlanta as part of a sale-leaseback transaction with State Farm Auto Insurance Co.

Park Center I is a 13-story, LEED-certified office tower situated on a seven-level parking structure with ground-floor retail.

The 600,000-SF building, which opened late last year, is located on four acres at Hammond Drive and Perimeter Center Parkway, adjacent to the Dunwoody MARTA station.

State Farm employees began moving into the new building in fourth quarter 2016. On the 17-acre State Farm campus, KDC has started construction on the second State Farm building, a 670,000-SF property.

This agreement follows Transwestern’s recent $825 million purchase of the 2.2 million-SF multi-use project in Richardson, near Dallas occupied by State Farm under long-term leases. KDC also developed this State Farm project.