Atlanta Braves Holdings have acquired Pennant Park, a six-building office complex located adjacent to The Battery Atlanta.
The Atlanta Braves said that owned by Rubenstein Partners since 2017, Pennant Park features 763,465 square feet of office space situated on approximately 34 acres and includes 2,699 parking spaces.
The property currently has 24 industry-diverse tenants anchored by blue-chip organizations such as The Home Depot.
The Braves said the acquisition is immediately accretive given the strong credit of its tenants, occupancy of over 80% and the close proximity to the team’s highly amenitized campus and Truist Park ballpark.
The 41,084-capacity Truist Park is a baseball stadium in the Atlanta Metropolitan area in Georgia, United States. Opened in 2017, it is the ballpark of Major League Baseball’s (MLB’s) Atlanta Braves.
Truist Park forms the centerpiece of the wider Battery Atlanta development, a new neighborhood 30 minutes from downtown Atlanta. It’s a destination in itself with 60 bars, restaurants, shopping precincts, hotels, and a 3,600-seat concert hall.
Populous worked closely with the master planners of the development to ensure that the ballpark would integrate seamlessly with the buildings surrounding it creating a fan experience that had never been seen in baseball before.
Truist Park is the perfect blend of a classic ballpark feel, modern amenities and heightened hospitality which creates a fan experience unlike any other. An intimate setting of 41,000 seats is designed to maximize sightlines making every seat feel like the best in the house.
Mike Plant, President & CEO of Braves Development Company, said, “This represents a strategic step in the growth of our real estate portfolio and creates a significant opportunity for Atlanta Braves Holdings to enhance the tenant experience while investing in the future of our growing community at The Battery Atlanta.
“Acquiring this adjacent property expands our footprint and positions us to capitalize on the interest we continue to see in The Battery Atlanta. Additionally, this will provide expanded parking for the approximately 9 million people who visit us each year.”
The Braves said the acquisition of Pennant Park furthers their strategic goals of delivering value to fans and shareholders and continues their innovative spirit in taking professional sports well beyond traditional boundaries.
The Braves said, “As the surrounding area of Truist Park and The Battery Atlanta continues to grow, we will continue to invest in opportunities that advance our core mission of delivering the best sports and entertainment experiences.”
Adjacent to the Chattahoochee River National Park, Pennant Park is bordered by Interstate North Circle and Interstate North Parkway.
The parcel is approximately 34 acres in size and will increase the Braves’ existing land footprint by over 30%. With the addition of leasable office space, the purchase will also bring total available square footage to over 3 million square feet across their various properties.
Pennant View’s expansive site provides future opportunities for site densification, driven by the rapidly urbanizing trajectory of the area.
Additional features of the property include 24-hour security, on-site engineering, a 48-person conference center, two fitness centers, on-site car detailing services, two cafés, Social Kitchen tenant lounge and cafe, bocce ball court, putting green, multi-sport game court, helipad, lake with jogging trail, and a Cobb Community Transit System bus stop.
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