Historic Flatiron building up for sale
February 17, 2010
By Leon Stafford
The Atlanta Journal-Constitution
The historic Flatiron, the iconic triangular-shaped building near Woodruff Park in downtown Atlanta, can be yours for $4.27 million.
The 11-story structure, built five years before its more famous cousin in New York City in 1897, was put up for sale earlier this month. It remains one of the oldest buildings in the city and the oldest steel-framed high rise in Atlanta.
Owned by James Cumming and Historic Urban Equities since 1978, the building is listed for sale by CB Richard Ellis and Sotheby’s International Realty for $4.27 million.
“This is a collectible really,” said Lee Asher, a first vice president at CB Richard Ellis. “This is an opportunity to own one of Atlanta’s best properties.”
Asher declined to say why Cumming put the building on the market.
Located at 84 Peachtree Street, the Flatiron helps to shape the wedged-shaped block between Peachtree, Poplar and Broad streets. The building is easily identifiable in historic photos for its distinctive shape.
Current tenants in the 45,000-square-foot building include professional services firms and a location of the Tin Drum restaurant. It’s also been eyed by hoteliers for possible lodging.
Asher said the building would be attractive to potential investors, even in today’s commercial real estate malaise.
“When you’re buying an historic icon like this, there is no reason to time the market,” he said.
Central Atlanta Progress President A.J. Robinson said Cumming restored the building and praised him for keeping it in great shape. He said the building’s configuration and size require an owner to have imagination.
“It’s probably not what a traditional buyer is looking for,” he said. “I hope someone will step forward to care for it for the next 25 years in a very creative way.”