JLL Takes Nuveen’s Buckhead Office Building From 60% to 90% Occupancy

JLL today announces 3379 Peachtree, a boutique Class-A office building in Buckhead, has secured two new tenants, taking the building occupancy from 60% to 90% and leasing more than two full floors of the building. Lucid Private Offices (Lucid), an upscale alternative to casual coworking space, and Legendary Events, an event company that creates distinctive experiences for its clients, have leased a total of 34,500 square feet of space at the 126,000-square-foot building. JLL Atlanta Senior Vice President Claire Ross and Vice President Will Tyler handle marketing and leasing on behalf of the owner, Nuveen Real Estate (Nuveen).

Lucid Private Offices, represented by Cresa’s John Pelletier and CBRE’s Kush Mirani and Dale Lewis, is establishing its third Atlanta location at 3379 Peachtree, taking 30,000 square feet on two floors of the nine-story building. The Buckhead location comes on the heels of Lucid’s first location outside of Texas – in Alpharetta, GA – which opened in mid-February. The company is also preparing to open a second Cumberland location at the end of April. Legendary Events, represented by JLL’s Greg Baxendale, will move into a 4,500-square-foot space on the top floor.

Following Nuveen’s acquisition of the property in 2019, the owner refreshed the brand and updated building features throughout, creating an amenitized office that emphasized a work and play environment – one that users would be excited to return to post-pandemic. Popular Atlanta eatery 5Church and Pinnacle Bank reside on the ground floor of the office tower, activating the newly renovated lobby.

“When we received the leasing assignment for the building in 2020 – just weeks before the world shut down – there were a lot of uncertainties surrounding the office market as a whole,” said JLL’s Ross. “We worked hand-in-hand with Nuveen to reintroduce the building to as many brokers as possible – at times even virtually during the pandemic. 3379 Peachtree provides boutique features and an array of amenities that served as large drivers for tenant demand, allowing us to lease the space quickly and efficiently despite the variability of the market.”

JLL’s Tyler added, “Collaborating with Nuveen and reintroducing 3379 Peachtree to the office brokerage community has been a very rewarding process. The excitement built around this asset is ultimately a testament to the strength and continued desirability of Buckhead; 2023 is shaping up to be a year of exponential growth for the submarket.”

As a boutique office tower, 3379 Peachtree is comprised of 14,500-square-foot floor plates, which allows for traditionally smaller users to have a larger stake in a building of this nature. Nestled between Shops Around Lenox and Lenox Mall, the tower is a five-minute drive from GA-400 and walking distance from the nearby Buckhead MARTA station, with multiple points of ingress and egress. It’s surrounded by distinguished Buckhead hotels such as The Westin, Grand Hyatt, The Whitley and Waldorf Astoria, further contributing to the overall convenience of the office’s prime location.

“3379 Peachtree presents an extremely valuable opportunity for our business,” said Tosha Bontrager, Executive Director at Lucid Private Offices. “The building’s landscape allows us to provide our clients with upscale private offices and professional coworking spaces in the heart of Buckhead, with proximity to elevated shops and dining, as well as optimal accessibility. We are excited for this expansion and are looking forward to continuing our investment in the Atlanta market by opening our first Buckhead location at 3379 Peachtree in the fall of 2023.”

According to JLL’s Q4 2022 Buckhead Submarket report, the neighborhood’s quarterly absorption was the highest of all of Atlanta’s submarkets. Buildings preparing to come online have experienced prominent preleasing numbers, such as Brand Properties’ Garden Hills Office Building, which was preleased at 78% as of Q4 2022. Additionally, 195,500 square feet of office inventory was under development in the submarket as of Q4 2022 and inventory sat at 19,891,856 square feet. Boutique office buildings continue to see strong demand as potential leaseholders seek out abundant amenity packages and require a smaller office footprint.

Buckhead offers an abundance of retail, dining, entertainment and accommodation options – key incentives in terms of the larger return-to-office trend. The submarket is positioned to continue its upward trajectory as new deliveries are expected to come online throughout the year and office users look to expand into the highly competitive and desirable neighborhood.