New Underground Atlanta Owner Buys Nearby 34 Peachtree Office Tower In All-Cash Deal

January 5,2021

Caleb J. Spivak, What Now Atlanta

Shaneel Lalani, the new owner of Underground Atlanta, Tuesday announced his company’s acquisition of One Park Tower, the 300,000-square-foot downtown office building, at 34 Peachtree Street. “Just two blocks from Underground Atlanta, the office tower acquisition aligns with Lalani’s strategy of buying high potential real estate properties and shows his commitment to investing in South Downtown,” a spokesperson told What Now Atlanta in an email.

Lalani purchased the tower from One Park Tower Holdings, LLC for $12.75 million without any outside financing. “The acquisition reflects the financial strength of the company and its ability to close quickly,” the spokesperson said. “Lalani said he will continue to explore other value-add opportunities in the Atlanta area.”

Lalani plans to take a “local, hands-on approach” to ownership and has already met with some of the building’s tenants, including HOPE Atlanta, a nonprofit focused on fighting homelessness, and Atlanta Downtown Improvement District, a public-private partnership and 501(c)3 nonprofit, charitable organization that strives to create a livable environment for downtown Atlanta under Central Atlanta Progress.

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