A pair of 18-story office towers in Vinings that once served as Home Depot's corporate headquarters is getting a $10 million-plus makeover after changing hands at a fire-sale price. Insignia is pouring the money into 2727 Paces Ferry, the roughly 640,000-square-foot campus it picked up for $21.75 million — a fraction of what the property was worth just a few years ago.
That purchase price works out to about $34 per square foot, according to the Atlanta Business Chronicle, cited by Connect CRE. Insignia bought the property from a group that had fallen behind on its mortgage payments, the Chronicle reported. The sale closed in October 2025, when former owners CP Group and Farallon Capital Management offloaded the twin-tower campus for $21.75 million — an 81.8% drop from the $119.5 million they had paid to acquire it back in 2019, according to Connect CRE.
How a Healthcare Giant's Exit Sank the Property's Value
The collapse traces back to a single departure. The loan tied to 2727 Paces Ferry entered special servicing in July 2025 after reaching maturity following two extensions, per Bisnow reporting. Occupancy at the campus cratered from 85% in March 2025 to below 50% once anchor tenant Piedmont Healthcare vacated 253,246 square feet when its lease expired that June — a tenant that had accounted for 43% of the complex's base rental revenue, the outlet's report noted.
Piedmont's exit wasn't random. The healthcare system moved to consolidate hundreds of administrative workers into a 165,000-square-foot system support center at 271 17th Street in Midtown Atlanta, according to Rough Draft Atlanta, a move that cut Piedmont's total administrative office footprint by more than half. It's part of a broader pattern of corporate tenants shrinking and shifting their footprints toward intown Atlanta, leaving suburban campuses like this one scrambling to adapt.
To fund its discounted buy, Insignia secured a $12 million acquisition loan from Westmoore Group, per the same Connect CRE report. In February 2026, global real estate firm Hines was retained by Insignia Realty LLC to manage the property day-to-day going forward.
What the $10 Million Buys Tenants
The renovation plan reads like a checklist for the current flight-to-quality office market: a tenant lounge and library, a coffee bar and café, upgraded conference facilities, coworking areas, new restaurant space, and indoor-outdoor gathering areas. Newmark's Craig Kalinowski and Brad Kirchner are handling exclusive office leasing on the project.
The bet reflects a market in which landlords are spending heavily on amenities to compete for tenants who have plenty of newer buildings to choose from. The Cumberland/Galleria submarket where 2727 Paces Ferry sits provides context for the tower's troubles, suggesting they may be an asset-specific problem rather than a symptom of a dying submarket.
Part of a Wider Suburban Atlanta Playbook
2727 Paces Ferry isn't Insignia's only distressed-office bet in the region. The developer has proposed nearly 1,200 homes on its 28-acre Embassy Row office campus in Sandy Springs, having submitted a Development of Regional Impact review in April 2026 to convert the site at 6600 Peachtree Dunwoody Road into residential units and new commercial space. In Doraville, Insignia is also spearheading Lotus Grove, an estimated $300 million-plus project replacing a former Kmart site with apartments, a food hall, and a 12-story residential tower that would become the tallest structure in the city.
The company's reach extends to Dunwoody as well, where the city council has approved a plan to redevelop an office property owned by an Insignia affiliate into more than 100 townhomes. Taken together, the projects show a developer betting repeatedly that Metro Atlanta's aging, half-empty office stock can be rescued either through heavy reinvestment, as at 2727 Paces Ferry, or through outright conversion to housing, as in Sandy Springs and Dunwoody.
Whether the amenity-heavy approach at 2727 Paces Ferry can actually backfill the approximately 253,000 square feet Piedmont left behind remains an open question, particularly in a market where corporate tenants keep shrinking their overall office footprints rather than expanding them.
