The big news of the weekend comes from Sovereign, where the remaining two-story penthouse was reduced from $9,520,000 to $7,495,000. Now that may not sound like much considering the other penthouse sold for $4,200,000, but it shows Regent Partners is pushing hard to move the remaining inventory, including it’s most coveted unit. The MLS now has about 18 of Sovereigns units listed.

Since opening in late 2008, Sovereign has sold just 18 of its 82 luxury condos, totaling over $36,000,000 in sales. Last year, I showed you a Barbara Westbrook model home on the 43rd floor. It’s now under contract with a list price of $2,200,000.

Check out the remaining Sovereign penthouse here.

Once in a while, a special property comes on the market. One that doesn’t need any work, has spectacular views, beautiful finishes, great space and layout and all in a terrific location. This stunning penthouse is located at The Peachtree Residences in Buckhead.

You probably have seen this penthouse on the market last year, and if so, you need to take a second look. A lot has changed since then. I looked at this place a few years ago and always knew it had the potential to be something special. The owner recently renovated the space and really made some great necessary changes. First, they completely gutted the old kitchen, re-oriented the island and removed the doors to the space. This not only opened up the room and made the space flow better, but it allowed you to enter the foyer and see directly out to the Buckhead skyline. The dining room also had some significant changes. A doorway was added leading to the bedrooms and a 300 bottle wine closet was installed. In the foyer, a wall was removed to open the space to the dining room. A virtual tour link is located at the bottom of this post. Click Here for More Photos & the Rest of the Feature

The Atlantic Residences at Atlantic Station in Midtown exterior facade combines modern architecture with art deco influences. Thankfully, there are glass railed terraces to enjoy the spectacular views. I have two things I really don’t get in Atlanta. First, why does anyone build a high rise without glass railing terraces? Also, why don’t the developers take the time to paint the underside of the terraces? I know it’s more cost effective, but it leaves the building looking unfinished when gazing up from the street.

Above is a shot looking up to the crown of the building, which looks terrific. It’s interesting, classic and modern and fits in with the structure of the building. Every other floor in the building has a half-wall/half-glass combo in one main room. It’s a furniture wall for residents who don’t really want the floor-to-ceiling glass window look. Part of the reason to purchase in the condo building is the view, but if you have a lot of furniture and need the space, a unit like that will suit your needs perfectly. Click Here for More Photos & the Rest of the Feature

Regent Partners kicked off the new year with a huge win. Parkway Properties is under contract to purchase 3344 Peachtree on behalf of Parkway Properties Office Fund II, L.P. for a whopping $167.3 million. Regent Partners developed the 50-story tower in 2008 at a cost of about $250 million. The mixed-use project has retail, offices and 82 luxury condos starting at $1,000,000 to over $9,000,000. Parkway put up $6,000,000 as earnest money for the transaction. The acquisition is expected to take place later this month.

Designed by the architectural firm of Smallwood, Reynolds, Stewart, Stewart & Associates, Sovereign’s commercial section encompasses approximately 470,000 square feet of office space on 18 floors and 20,000 square feet of retail space. The acquisition agreement includes an adjacent 11-story parking facility. The commercial space is roughly 93 percent leased. As per terms of the agreement, Fund II will make a $160 million investment that will include the assumption of existing debt on the property in the form of a $90 million non-recourse first mortgage loan with a fixed interest rate of 4.75 percent and a maturity date in October 2017. Parkway Properties L.P. will supply the remaining $7.3 million of the purchase cost.

You might be asking me “What about the condos?” The key is in the post title. The 23 floors of residences were not included in the sale, so I don’t think we’ll be seeing the condo prices dropping anytime soon. In fact, I think it’s quite the opposite. Most of the sales in the building thus far have been for the larger units and buyers are paying huge amounts to live in the building. What’s listing in the MLS? Click here.

Who is Parkway Properties?

Parkway Properties, Inc., a member of the S&P Small Cap 600 Index, is a self-administered real estate investment trust specializing in the operation, leasing, acquisition, and ownership of office properties. The Company is geographically focused on the Southeastern and Southwestern United States and Chicago. Parkway owns or has an interest in 64 office properties located in 11 states with an aggregate of approximately 13.2 million square feet of leasable space as ofDecember 22, 2010.  Included in the portfolio are 20 properties totaling 3.7 million square feet that are owned jointly with other investors, representing 28.0% of the portfolio.  Fee-based real estate services are offered through the Company’s wholly-owned subsidiary, Parkway Realty Services, which also manages and/or leases approximately 2.5 million square feet for third-party owners at December 22, 2010.

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