Grubb Properties has cashed out of one of Dunwoody’s better known office parks, quietly selling the three-building Park at Perimeter Center East this week for about $27.15 million. The deal covers roughly 284,000 square feet across 19.4 acres just east of Perimeter Mall, closing the book on a site the company spent years trying to reinvent but never fully remade.
According to ConnectCRE, the buyer is Network Realty Partners, which picked up the trio of midrise office buildings that have been on the Central Perimeter development radar for years.
Big Redevelopment Talk, No Groundbreaking
Back in 2018, Grubb rolled out an ambitious plan to overhaul the campus into a major mixed use destination with roughly 900 for sale condominiums and about 500,000 square feet of new office space, as reported by Urbanize Atlanta. The company even formally submitted a rezoning application that year, according to Metro Atlanta CEO, but the vision never moved into the construction phase.
Selling At A Discount In A Shifting Market
Grubb originally paid about $32.7 million for the three building campus in 2015, which means the new $27.15 million sale price comes in below what the company spent a decade ago, as noted by REBusinessOnline. That haircut lines up with a broader Central Perimeter trend in which older office parks are increasingly being eyed for housing or other uses, a pattern highlighted in coverage of how office parks face the wrecking ball in an Atlanta housing push.
Tenants Stay Put, For Now
The campus is not empty. Current tenants include the Alzheimer’s Association, Assurance Financial, Bedrock Homes, the Consulate General of Argentina and Hanyard Law Office, P.C., according to ConnectCRE. While those leases keep the lights on, the property’s future use is very much an open question.
The Atlanta Business Chronicle reports that Grubb is relocating its Atlanta office to 2400 Lake Park Drive in Smyrna, effectively clearing out of its Dunwoody base and leaving the Park at Perimeter Center East to its new owner’s imagination.
Network Realty Partners has not yet outlined a redevelopment strategy, and it is unclear whether the firm will hold the complex as traditional office space, attempt a repositioning play or pursue its own rezoning effort. Whatever direction emerges, Dunwoody’s planning process will be central to the next chapter, and the Perimeter market is almost certain to stay on developers’ radar in the months ahead.
