Michael Gearon family office acquires Pershing Park Plaza

In a significant transaction in Atlanta’s real estate market, the Michael Gearon family office, 28th Street Ventures, acquired Pershing Park Plaza for $34 million from Franklin Street Properties Corp., a real estate investment trust (REIT). The nine-story, 160,000-square-foot building, located at 1420 Peachtree Street, was previously purchased by Franklin Street in 2016 for $45.5 million, marking a loss of over $11 million in this recent sale. CBRE’s Institutional Office Properties team in Atlanta, including Will Yowell, Ryan Reethof, Jay O’Meara, and Justin Parsonnet, represented the seller in the transaction. This sale aligns with Franklin Street’s strategy to divest select office assets and focus on debt reduction, as highlighted in its third-quarter earnings report.

The Michael Gearon Family Office: 28th Street Ventures

Founded by Michael Gearon in 2007, 28th Street Ventures serves as the family office for Gearon, a prominent figure in the telecommunications and sports sectors. Based in Atlanta, the firm reflects Gearon’s entrepreneurial background, with investments spanning real estate, telecommunications, and technology, including recent ventures into cryptocurrency. Gearon, a pioneer in the cell tower industry, has founded multiple businesses globally and held key leadership roles in American Tower Corp., Pan Asia Tower, and PT Serana Menara Nusantara Tbk. Additionally, he co-owned Atlanta’s major sports franchises, the Atlanta Hawks and the Atlanta Thrashers.

Article Source: connectRE
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