Rockefeller Group's 1072 West Peachtree hits construction milestone
The 60-story tower in Midtown Atlanta is expected to be complete in spring 2026.
Rockefeller Group is doing something no one else is in Atlanta: building the city's tallest tower in over 30 years.
The New York real estate firm, known for developing Rockefeller Center in Manhattan, has completed more than 20 stories of Midtown's 1072 West Peachtree, which will blend luxury office space and apartments with the highest views in Atlanta.
The construction milestone comes at a time when it's difficult to finance new buildings and office vacancy remains high, even for the most premium space.
But at 1072 West Peachtree, Rockefeller is banking on 'world-class amenities and the highest level of service in an office setting anywhere in the city,' said John Petricola, senior managing director of the Southeast for Rockefeller.
expand
John Petricola, senior managing director of the Southeast for Rockefeller Group, during a tour last week.
Amy Wenk
The 60-story tower is expected to be complete in spring 2026, rising 749 feet and becoming the city's fifth-tallest tower. It's taking shape on a city block at West Peachtree, Spring and 12th streets, joining neighbors such as Google's Southeast hub.
Rockefeller acquired the site in 2020 and started construction in 2023. It expects to top out later this year.
'We are starting to break the skyline,' Petricola said during a tour of the tower last week. He was eager to show off progress at the project, saying brokers can now bring in prospective tenants.
He expects 1072 West Peachtree to compete with coveted projects along the Atlanta Beltline's Eastside Trail, such as Ponce City Market and Fourth Ward, which command some of the highest office and apartment rents in Atlanta.
Rockefeller has yet to land an office tenant. But Petricola says the developer is committed to Atlanta despite the 'ups and downs' of the economy and office demand. The project will have 224,000 square feet of office space. CBRE's Jessica Doyle and Graham Little are leading the office leasing efforts.
'We're actually committed to the longer view of the growth of Atlanta,' he said. 'We're building for the future of Atlanta that might not physically be here yet.'
Expand
Expand to read more
Rockefeller Group
1 of 12
Trophy office space is filling up as new construction dwindles
Rockefeller's timing is interesting.
The city's office construction pipeline is at its lowest level in a decade, with less than 500,000 square feet underway, according to CBRE. The building of new apartment towers has also mostly paused because of high construction costs and muted rent growth.
'We're encouraged by not having as much competition,' Petricola said.
However, broader economic turbulence because of new tariffs and other federal policies is now impacting the local real estate industry.
Tyler Henritze, a former Blackstone executive who founded New York City real estate investment firm Town Lane, expressed concern last week at the Emory Goizueta Real Estate Conference.
'People just seem to be deferring decision-making,' said Henritze, who last year joined Cousins Properties Inc. to acquire Midtown tower Proscenium. 'It's hard to make enlightened decisions in this environment.'
expand
Workers onsite last week at 1072 West Peachtree.
Amy Wenk
One encouraging sign is that Atlanta's most premium office space seems to be filling up. Direct availability of trophy office space hit just under 20% in first-quarter 2025, which is lower than the overall market average, according to data from Avison Young.
Harry Klaff, principal and U.S. president of Avison Young, said that Atlanta saw almost 5% of its trophy space get absorbed year over year.
'That's pretty brilliant,' Klaff said during a media roundtable held in Atlanta last week. 'Not every market is at the same pace.'
Atlanta's trophy buildings have also seen the strongest return to office at almost 79% of 2019 activity, according to Avison Young's Office Busyness Index. Compare that to Class-C office space, which is at 53% of 2019 activity.
A 'day-to-night' experience at 1072 West Peachtree
At 1072 West Peachtree, Petricola said everything is designed to 'minimize friction' and save a precious resource — time. The tower is essentially its own tiny town, where a person could work, live or relax.
Retail spaces at the ground level will offer coffee and 'affordable' lunch service, geared toward providing workers options to stay onsite during the day.
expand
A future retail space along West Peachtree Street that will wrap the corner on 12th Street.
Amy Wenk
The building features two amenity floors. One will be just for residents with features such as a golf stimulator and dog spa.
Another amenity floor will serve both residents and workers that spans over 1 acre of space. It will include a sprawling outdoor area with a lawn for gathering, gaming and events. Inside, there will be an oversized gym with spa treatment rooms and a yoga studio. The space also will include lounge areas and meeting spaces.
Other interesting attributes of the building include two-story apartment units that line the parking garage, helping activate the energy at the street level. There are also private garages for residents.
Atlanta-based TVS is the architect, and Turner Construction is serving as general contractor.
'1072 West Peachtree is a development unlike anything else in the market and will completely transform Midtown Atlanta's West Peachtree corridor,' Petricola said in a prepared statement. 'We're delivering an experience for our office and residential tenants that is truly all encompassing, from day to night.'
Hashtags
Try Our AI Features
Explore what Daily8 AI can do for you:
Comments
No comments yet...
Related Articles
Los Angeles Times
a day ago
- Los Angeles Times
CBRE Arranges $25.7-Million Sale of Westport Plaza & Square in Costa Mesa
CBRE announced the sale of Westport Plaza & Square, a 39,334-square-foot shopping center along East 17th Street in Costa Mesa, California, to Asana Partners for $25.7 million. CBRE's National Retail Partners-West (NPR-West) team, led by Jimmy Slusher along with Megan Lanni and Shaya Northrup, represented both the seller, Newport Beach-based Space Investment Partners, and the buyer, Asana Partners, in the transaction. Westport Plaza & Square is located at 369 East 17th Street and 1685 Tustin Avenue in Costa Mesa. The property is 97% leased to a mix of popular local tenants, including neighborhood staples Plums Café & Catering, Fleur De Lys, Crumbl Cookies, Common Thread, House of Yogurt, Massimos Pizza, Laser Away and others. 'Westport Plaza & Square enjoys one of the premier retail locations in Orange County. Surrounded by a vibrant mix of national and specialty grocers, upscale dining, stylish boutiques and affluent demographics, the property location serves as its anchor and provides a competitive edge,' said Lanni. Built in 1975 and renovated in 2002 and 2018, the center encompasses 13.73 acres of leased land and benefits from over 535 feet of linear frontage along East 17th Street. Westport Plaza & Square is subject to a long-term ground lease through 2079, with a total remaining term, inclusive of options, of just over 54 years. According to Slusher, 'The sale of Westport Plaza & Square marks a milestone for Costa Mesa's East 17th Street, with the buyer, Asana Partners, becoming the first institutional investor to commit capital along this retail corridor. This acquisition reflects the growing confidence in the area's long-term value and underscores the strategic positioning of the property in the heart of this retail hub.' 'With its compelling neighborhood demographics, the Westport Plaza & Square acquisition aligns with our strategy of targeting well-located, retail assets where we see an opportunity to continue to elevate the shopping and dining experience for the community,' said Bri Baffer, director of investments for Asana Partners. Slusher continued, 'The strong competition to acquire Westport Plaza & Square – from a distinguished pool of well-capitalized investors, including institutional capital – demonstrates investors' preference to own top-tier assets with seasoned, high-performing tenancy, even without a traditional anchor.' Information was sourced from CBRE. Learn more by contacting
Yahoo
a day ago
- Yahoo
Facility teams must align with the businesses they serve, experts say
This story was originally published on Facilities Dive. To receive daily news and insights, subscribe to our free daily Facilities Dive newsletter. Hybrid work has sparked a balancing act between employers and employees, driving facility leaders to create workplaces that satisfy both parties' needs, according to a series of global workplace and occupancy insight reports by CBRE and other analyses by integrated real estate management firms. Employees have become accustomed to choosing where to work, so employers must think about how flexible space can help them draw workers to the office, leaders at JLL said during a webinar on commercial real estate trends and rethinking space for smarter workplaces in 2025. Buildings need spaces, services and other amenities that are specific to the business to draw employees into the office, according to Chris Zlocki, head of client experience and executive vice president of occupier services at Colliers. 'It's really this whole microcosm of the environment that the office is in, the building itself, the office itself and the work you're doing,' he said. In the past, you could define a triple-A property based on the building itself, the space provided and amenities associated with it. Today, there is more complexity, with employees looking more at the environment or neighborhood, Zlocki told Facilities Dive 'When it comes to transportation, walkability, outdoor space, great amenities that are not only in the building but surrounding it, that becomes the first step in defining what's working,' he said. 'Because we're still competing with a hybrid world. What's the value of people coming into the office if they feel that they don't need to come in?' Obsolescence risk is a growing issue in the office sector, too, with tenants moving from lower-class to higher-class buildings, JLL said in a May report. Factors that lead to obsolescence include a lack of amenities, the absence of structural flexibility and poor energy performance, the report says. The spread in vacancy rates between prime and non-prime vacancy rates grew by 4.4 percentage points in Q1, CBRE said in its Q1 U.S. office report, reflecting a strong preference for quality buildings in well-connected, amenity-rich locations, CBRE said. The rates are now 14.8% for prime and 19.2% for non-prime. Owners and operators must consider the limited demand for class B and C assets or the lack of supply of top-tier assets in future forecasting and long-term planning, JLL said in its report. To help navigate these challenges, Colliers in May launched Portfolio AI, a tool within the Colliers360 business analytics suite that gives building owners and portfolio managers analytics, predictive modeling and market insights that can help them optimize space. By using AI-assisted cost modeling to look at real estate footprints, Portfolio AIcan help operators with site-specific recommendations and give advice on what workspaces can be consolidated, which properties can be eliminated and what capital expenditures make sense, Colliers says in a May 27 release. Prior to Portfolio AI's launch, Colliers tested it across a global dataset of over 1,500 locations totaling approximately 100 million square feet and about $1.5 million in annual real estate costs. Almost half of the locations could benefit from strategic adjustments recommended by the tool, with approximately 10% in cost savings, Colliers said. 'What we're trying to do is help clients get as rational as they can be in terms of the amount of spend they have, as well as balancing that against the right type of employee experience,' Zlocki told Facilities Dive. 'What is the capital expenditure that goes along with a move and the ROI associated with it? Everything has an efficiency gain opportunity, and that's really what we're trying to identify.' To ensure this, facility teams need a better relationship with the businesses they work with, Zlocki said. 'One of the key challenges I'm seeing is in the alignment between real estate facility teams assessing and really having a handle on where the future of those businesses are going,' he said. '[Facility teams] should be asking questions like 'What is your implementation plan? What is your future headcount growth, or the variability in that growth based on the use of technology?' Zlocki said. If they can't answer those questions, they may be leaving an opportunity on the table when they look at their next lease opportunity three to five years down the road, he said. 'There are a lot of operational functions that are going to be affected by the use of AI,' he said. 'The real question is when is that going to happen, and when is the business projecting to use that. If the business doesn't have an answer for that, then I think you've done your job as a real estate facilities leader to be able to push them to think about the use of the technology and the evolution of their business operations.' Error in retrieving data Sign in to access your portfolio Error in retrieving data Error in retrieving data Error in retrieving data Error in retrieving data
Geek Vibes Nation
2 days ago
- Geek Vibes Nation
'The Phoenician Scheme' Review - Wes Anderson Reckons With Legacy In Zany, Charming Globe Trot
Now is a pretty good time to talk about legacy. Consider today's political landscape, especially in the United States. There seems to be a competition amongst policymakers and heads of state to see who can stay in power the longest, even as their physical, intellectual, and empathetic faculties gradually diminish. Concurrently, the world's richest, and therefore most powerful, people are certainly aware of the perils of the future, but seem focused on shoring up their present-day bona fides, leveraging their fortunes for the betterment of themselves at the expense of society. With such a relentless tunnel vision on the present, the richest and most ruthless among us are less interested in the world they leave behind, even though legacy was one of their common languages and most pressing pursuits. (It isn't a coincidence that most New York landmarks are named after America's wealthiest families: Rockefeller, Vanderbilt, Helmsley, Astor, and yes, even Trump.) So, in this day and age, what value does legacy hold? I'm not sure I would've initially thought of Wes Anderson as the filmmaker to examine the crumbling institution of legacy, but he does so with The Phoenician Scheme . The film follows Anatole Korda (Benicio del Toro), a Rockefeller-esque industrialist who has a tendency to survive assassination attempts. After a particularly brutal one involving his private jet, he sends for his estranged daughter, Sister Liesl (Mia Threapleton), and installs her as the head of his sweeping organization, 'on a trial basis.' As part of this trial, he drags her along on the titular 'scheme': to seek the funds to complete a sweeping infrastructural project in the country of Phoenicia. They and Korda's insect tutor-turned-administrative assistant, Bjørn (Michael Cera), travel through Korda's network of financial acquaintances to convince them to support him by filling the project's funding gap so he can achieve his life's work. (L to R) Benicio Del Toro as Zsa-Zsa Korda, Michael Cera as Bjorn and Mia Threapleton as Liesl in director Wes Anderson's THE PHOENICIAN SCHEME, a Focus Features release. Credit: Courtesy of TPS Productions/Focus Features © 2025 All Rights Reserved. If you're familiar with Wes Anderson's work, then the shape of The Phoenician Scheme should come as no surprise. The production design is still striking, with a muted, pastel color palette that reinforces the fantastical artifice of Korda's world. Anderson's camerawork is still uniquely austere, yielding striking individual frames that brim with whimsy and intrigue. His script is packed to the gills with dry sarcasm and witty wordplay as Korda tries to weasel his way in and out of shoddy business deals that sit pretty high on the absurdist scale. (Korda also has to convince Sister Liesl and the audience that he didn't have her mother killed, which, well, let's say his methods of persuasion need work.) Anderson also assembles a typically crackerjack ensemble for his story. Benicio del Toro appears to be having a blast as the relentless capitalist Korda. He makes a meal of the bone-dry dialogue and gives us hints through his delivery that there are more dimensions of the character to explore. Mia Threapleton also slots nicely into Anderson's unique rhythms, knowing how and when to modulate her expressions and diction to retain Sister Liesl's cynicism while tracking her shifting relationships with Korda and Bjørn. Michael Cera feels like an actor who should already be part of Anderson's repertoire, and his performance here reinforces that assumption. He is delightful as the in-over-his-head entomologist Bjørn, with a charming accent and a consistent but surprisingly complex look of bewilderment. The rest of the Phoenician players are also great, with Riz Ahmed, Jeffrey Wright, and Benedict Cumberbatch standing out the most. By all metrics, Anderson is firing on all cylinders, deploying the heights of his vision to tell this story. But to what end? (L to R) Michael Cera as Bjorn, Benicio Del Toro as Zsa-Zsa Korda and Mia Threapleton as Liesl in director Wes Anderson's THE PHOENICIAN SCHEME, a Focus Features release. Credit: Courtesy of TPS Productions/Focus Features © 2025 All Rights Reserved. Two years ago, Anderson examined humanity's stagnation and crippling ennui under the guise of an alien invasion in Asteroid City . The Phoenician Scheme , for all its globe-trotting, financial backdealing, and pickup basketball games, aims for something less existential and more tangible. Korda claims throughout the film that his primary concern, and the film's ultimate goal, is to fill the funding gap for his Phoenicia infrastructure project. However, it becomes clear early on that his excursions are part of his desire to reconnect with his daughter. As his eldest child, Sister Liesl is central to his legacy, as she would be the only person who could carry the mantle for him if one of his many assassination attempts succeeds. (His other heirs are children, whose ages render them useless.) Of course, ensuring his legacy's fidelity requires him to show her the expanse of his power and influence. What better way to do that than whisk her around the world to participate in increasingly zany negotiations? If there is one, it would still pale in comparison to what Anderson achieves here. Even amidst the chaos, he keeps the fragile parental bond between Korda and Sister Liesl at the same narrative level. Whether Korda will close the financial gap matters as much as whether Sister Liesl will find something salvageable in the toxic myth of a man who happens to be her father. While not an especially deep well of dramatic tension, it does ground the film as the scheme becomes delightfully more convoluted and loses a bit of force (specifically with the Cousin Hilda chapter). (L to R) Benicio Del Toro as Zsa-Zsa Korda, Bryan Cranston as Reagan, Tom Hanks as Leland, and Mia Threapleton as Liesl in director Wes Anderson's THE PHOENICIAN SCHEME, a Focus Features release. Credit: Courtesy of TPS Productions/Focus Features © 2025 All Rights Reserved. Through Korda and SIster Liesl's relationship, Anderson offers his take on the value of legacy, specifically for the wealthiest among us. Korda's assessment of his legacy is grounded in what he has created and amassed, and whether he has the commitment and brass tacks to retain it, even after he's gone. His time with Liesl, however, leads to subtle shifts in that way of thinking that profoundly affect where the characters land. While he is still concerned with what he leaves behind, the 'what' is centered around his family, leading him to ultimately shift his approach to his scheme. Another part of that realization comes from Anderson's celestial court case against Korda, where God (played by Bill Murray) and his angels seek answers about his trespasses on Earth. It operates similarly to Asteroid City's play-within-a-play framing device, although this stream fits more neatly into the film's operating goal. There's a charming irony surrounding The Phoenician Scheme . Most people will never know Korda's wealth, power, and influence. They won't know what it's like to experience multiple assassination attempts, or to play basketball with Tom Hanks and Bryan Cranston in a bet to fund a nation's infrastructure project. However, Korda's journey frames one of Anderson's most accessible and culturally relevant films. While none of us will ever engage in a fight with Benedict Cumberbatch using obscenely expensive pottery as weapons, we can all understand the desire to leave the world better than we entered it. We also understand how little that matters if we don't have loved ones we can trust to support us through that work. It would be lovely if today's robber barons received that message instead of engaging in a race to the cultural bottom, but I appreciate Wes Anderson for trying to advance the conversation through his distinct, and perhaps impactful, voice. The Phoenician Scheme is currently playing in limited release courtesy of Focus Features. The film will expand wide on June 6, 2025.
