Insignia has acquired a large office complex in Vinings that once served as Home Depot’s headquarters and is preparing a substantial capital upgrade to reposition the asset. The property, located at 2727 Paces Ferry, encompasses approximately 640,000 square feet of office space across two 18-story towers.
According to reporting from The Atlanta Business Chronicle, Insignia paid $21.75 million for the asset. The seller was a group that had fallen behind on its mortgage payments, and the sale price equates to roughly $34 per square foot for the office complex.
Insignia plans to invest more than $10 million in renovations at 2727 Paces Ferry. The planned work is designed to modernize the property and enhance its appeal to office users in the Vinings submarket and the broader Atlanta area.
The renovation program will introduce a range of new amenities. Plans call for a coffee bar and café, a tenant lounge and library, upgraded conference facilities, coworking areas, restaurant space, and a series of indoor-outdoor gathering areas. These upgrades aim to expand both collaboration and amenity options available to tenants within the twin towers.
Newmark has been engaged to handle leasing at the complex. Craig Kalinowski and Brad Kirchner of Newmark are serving as the exclusive office leasing agents for the property, marketing the revamped space to prospective tenants as the repositioning progresses.
Beyond this Vinings project, Insignia is pursuing multiple other redevelopment efforts across metro Atlanta. In one notable example, the Dunwoody City Council recently approved a plan involving an Insignia affiliate to convert a local office property into more than 100 townhomes, signaling a shift in use for that particular site from office to residential.
Together, the Vinings office overhaul and the Dunwoody townhome conversion illustrate Insignia’s current strategy of acquiring and redeveloping office assets in the Atlanta region. The firm is both upgrading a former corporate headquarters campus and backing a plan to repurpose an office site into housing, reflecting a range of approaches to repositioning underperforming or outdated office properties.
