The Atlanta Braves lost their first six games of this year’s baseball season, but the losing streak didn’t stop the team’s parent company from making a big acquisition in the city’s office market.
Atlanta Braves Holdings paid $93 million to Rubenstein Partners for the six-building Pennant Park office complex located near the team’s stadium, according to the company. The buildings are about 80% leased with Home Depot being one of the largest tenants, according to the Braves.
The sale indicates strong office leasing in certain areas of Atlanta, including the Cumberland-Galleria area where Pennant Park is located. The area's rent growth of 2.1% is higher than the 1.3% average rate for the entire Atlanta market, according to CoStar data. It also recently lured the offices of Truist Securities, which departed offices in the Buckhead district.
“Acquiring this adjacent property expands our footprint and positions us to capitalize on the interest” in the nearby office buildings the Braves already own, Mike Plant, CEO of Braves Development Co., said in a news release. Braves Development is a subsidiary of Atlanta Braves Holdings.
Pennant Park is located a half-mile from Truist Park, the Braves’ home stadium, and its surrounding mixed-use complex called The Battery. Pennant Park and The Battery are separated by Interstate 75.
Home Depot occupies all of 320 Interstate North Parkway and 340 Interstate North Parkway, making it the largest tenant at the 34-acre Pennant Park. Other big tenants include Arco Design/Build and Juneau Construction. The purchase includes more than 2,700 parking spaces, the Braves said.
Most buildings at Pennant Park were constructed in the 1970s and 1980s and range between four stories and six stories in height. They are located in a prominent spot at the interchange of I-75 and I-285.
The Pennant Park acquisition does not include the adjacent building at 300 Interstate North Parkway, a 175,000-square-foot building occupied by the Weather Channel broadcast network.
Pennant Park’s amenities include a helicopter pad, a lake with a walking trail, a putting green, three restaurants, two fitness centers and a conference center.
The Atlanta Braves are one of a small number of professional sports franchises in the United States owned by a publicly traded company. The Braves were spun off from previous owner Liberty Media in 2023. In addition to the baseball team, the Braves company is also engaged in commercial real estate development.
For the record
David Meline, Samir Idris, Burch Mixon and Molly Millard at Cushman & Wakefield represented Rubenstein.