Historic Flatiron building up for sale

Downtown Atlanta's Flatiron Building

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.”

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Atlanta’s Flatiron Building For Sale

Atlanta's Flatiron Building

The Flatiron Building reflects a tradition throughout many America cities of the first high-rise buildings that use then unique building technology before the turn of the century.  The building has 11 stories, and is Atlanta’s oldest standing skyscraper (circa 1897). The Flatiron building is protected by the city as a historic building in the Fairlie-Poplar District of downtown, and is listed in the National Register of Historic Places. It’s iconic location at 84 Peachtree Street, across from Hurt Plaza has a prominence that has spanned a century.  

There are many commercial users and investors that would benefit from the Flatiron Building’s long tradition in Atlanta.  As a symbol, the building can be deployed to messages of sustainability and historic preservation that are transcendent.  The building’s distinctive façade provide a unique opportunity to communicate a corporate image from a highly visible location at 84 Peachtree Street in Downtown Atlanta.   

The building has about 45,000 square feet. Usable square footage is about 35,000.  Offered for $4,275,000.  Some seller financing is possible.   An array of historic tax credits at the state and federal level are available to improve financing and return on investment from renovation.   

Heery Brothers at Atlanta Fine Homes Sotheby’s International Realty and Lee Asher with CB Richard Ellis are delighted to present this listing.  Additional information is available at http://www.AtlantaFlatiron.com.

The Georgia Cities Foundation

On December 7, 2006, the Foundation closed a $250,000 loan to the Rome Downtown Development Authority for the acquisition and renovation of the historic Cherokee Lodge building in downtown Rome. The Lodge, built in 1901, was originally designed for, and used as, a Masonic lodge.

We are very fortunate to be involved with the Georgia Cities Foundation.  This Foundation has made extraordinary accomplishments to preserve historic buildings in walkable environments.  The foundation is a 501(c)(3) organization, and a non-profit subsidiary of the Georgia Municipal Association. The mission of the Foundation is to assist cities in their efforts to revitalize and enhance downtown areas by serving as a partner and facilitator in funding capital projects through a revolving loan fund.  More information can be found at www.georgiacitiesfoundation.org.

The foundation is focused on smaller capital constrained markets.  Major Foundation project impacts include:

• 185 new downtown businesses,
• 927 new jobs in Georgia downtowns,
• $65 million in additional private investment,
• 7 cultural facilities, and
• 136 downtown housing units.

When was the last time you went to a historic Georgia city an hour or so outside of Atlanta? The Georgia Cities Foundation has provided loans totaling $11,690,020 for 65 projects in 36 Georgia cities. Many of these cities have great history and vibrant communities – such as Toccoa, Blue Ridge, Dahlonega, Canton, Rome, Valdosta, Macon, etc. A trip to see projects funded by the Georgia Cities Foundation makes a lovely weekend getaway.

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