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Atlanta & Southeast  + Office  |  January 6, 2021
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By: David Cohen

Underground Atlanta Owner Acquires 300K-SF Office Building in Downtown Atlanta

Shaneel Lalani, the new owner of Underground Atlanta, has acquired One Park Tower, a 300,000-square-foot office building in Downtown Atlanta. The sales price was $12.8 million.

Located at 34 Peachtree Street, the office property is two blocks from Underground Atlanta. The acquisition aligns with Lalani’s strategy of buying high potential real estate properties as well as his commitment to investing in South Downtown. One Park Tower is currently 33% occupied. Lalani is exploring a variety of value-add strategies and hiring an in-house broker to oversee leasing at the property.

Lalani purchased the tower from One Park Tower Holdings, LLC for $12.75 million without any outside financing. Lalani is the CEO of Billionaires Funding Group, an Atlanta-based company with a real estate portfolio that spans over two million square feet of commercial space.

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About David Cohen

David Cohen is Southeast Editorial Director at Connect Commercial Real Estate. David is a media veteran with more than 10 years of experience in journalism, copywriting and communications across a variety of roles. He is responsible for covering commercial real estate news and trends in the Southeast, Florida, Washington D.C. and Boston at Connect CRE as well as specializing in the Student Housing sector. Prior to joining Connect, David was the editor of Northeast Real Estate Business magazine and Student Housing Business magazine at France Media as well as spending time freelancing for ESPN and the Associated Press in the fast-paced field of live sports event production. He is also an owner and investor in multifamily real estate in Atlanta, GA. David currently resides in Atlanta and graduated from the College of Communication & Information at the University of Tennessee Knoxville.
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