Atlanta Braves Holdings, Inc. has recently acquired the Pennant Park, a six-building office complex adjacent to the Battery Atlanta. The property spans 763,465 square feet and boasts over 2,700 parking spaces. The acquisition is expected to be immediately accretive due to its strong tenant credit, with an occupancy rate of over 80%. This strategic move aims to enhance the tenant experience and capitalize on the growing interest in the Battery Atlanta.
The property is home to 24 diverse tenants, including prominent organizations such as The Home Depot. With the acquisition of Pennant Park, Atlanta Braves Holdings will increase its land footprint by over 30% and expand the total available square footage to over 3 million square feet across its various properties.
The Pennant Park comprises two components: Pennant Commons and Pennant View. Pennant Commons consists of four fully leased office buildings, while Pennant View features two multi-tenanted office buildings. Both components offer a range of amenities, including 24-hour security, fitness centers, a conference center, cafés, a helipad, and more.
The acquisition aligns with Atlanta Braves Holdings' mission to deliver the best sports and entertainment experiences, as the surrounding area of Truist Park and the Battery Atlanta continues to evolve and grow.
This move demonstrates the company's commitment to delivering value to its fans and shareholders while showcasing an innovative spirit in expanding its real estate portfolio beyond traditional boundaries. Today the company's shares have moved 0.4% to a price of $43.87. For the full picture, make sure to review Atlanta Braves's 8-K report.
