Phipps Tower Leasing Wins Signal Strength in Buckhead’s Office Market

The 20-story Class A office building Phipps Tower at 3438 Peachtree Road in Buckhead has secured two key leases that offer a bright spot in a challenging local market. CoStar Realty Information renewed its lease for 75,524 square feet, extending its stay through April 2030. Impellam Group North America also signed a new lease for 11,007 square feet, bringing total occupancy to more than 82 percent.

Phipps Tower benefits from its modern construction, completed in 2010, and its premier position next to the Phipps Plaza retail district — placing it firmly among Buckhead’s higher-performing office assets. As the local office market continues to split between top-tier buildings and aging properties with rising vacancy, Phipps Tower remains on the more competitive side of that divide. The building is anchored by Carter’s Inc., which leases approximately 209,000 square feet through 2035. While the retailer recently announced job cuts at the location, its long-term lease presence adds stability to the property.

Ownership challenges faced by Manulife U.S. REIT reflect the broader office market correction, including softened valuations and pressure to sell assets. Against that backdrop, the ability to secure both a major renewal and a new tenant stands out as a positive signal for Buckhead.

Overall, these leasing wins reinforce a clear trend in the district – well-located, modern buildings with strong amenities continue to attract tenants, even as the broader office sector navigates uncertainty. With new large-scale office development largely paused in Buckhead, high-quality assets like Phipps Tower may be better positioned to weather ongoing market shifts.

Source: Atlanta Business Chronicle
https://www.bizjournals.com/atlanta/news/2025/11/19/costar-renews-lease-in-buckhead.htm