Grubb Properties has sold Park at Perimeter Center East, a 284,000-square-foot office complex in Dunwoody, to Network Realty Partners in a $27.15 million transaction.
According to reporting from the Atlanta Business Chronicle, the sale coincides with Grubb Properties relocating its Atlanta office operations from the Dunwoody property to another office building it owns at 2400 Lake Park Drive in Smyrna. The move marks a shift in the company’s local footprint while exiting its investment in Park at Perimeter Center East.
Grubb Properties originally acquired the 19.4-acre site in 2015 for $32.65 million. Since that purchase, the firm pursued a large-scale redevelopment vision for the property, but the plans did not secure necessary approvals from local officials. The company had unveiled a proposal in 2018 that called for 900 for-sale condominiums and 500,000 square feet of office space on the site, located just east of Perimeter Mall and north of Interstate 285, yet the project ultimately did not advance.
The disposition ends a multi-year effort by Grubb Properties to reposition the asset through entitlements and new construction. With those redevelopment plans stalled, the owner has now opted to sell the existing office park to Network Realty Partners, which is assuming control of a sizable campus in a key Perimeter-area business district.
Park at Perimeter Center East hosts a range of office tenants. Current occupants include the Alzheimer's Association, Assurance Financial, Bedrock Homes, the Consulate General of Argentina and Hanyard Law Office, P.C. These users span nonprofit, financial, residential, governmental and legal sectors, reflecting the property's diverse tenant mix.
The transaction reflects ongoing activity around established suburban office properties near major employment and retail hubs in the Atlanta area, even as some redevelopment concepts face challenges in securing local approvals. While specific future plans by Network Realty Partners for Park at Perimeter Center East were not disclosed in the source material, the trade shifts ownership of a prominent Perimeter office asset from a long-time investor to a new capital source.
