$119.5 Million to $21.75 Million: How 640,000 Square Feet Lost 82% of Its Value in 6 Years Atlanta’s Office Market Just Got a Reality Check Piedmont Healthcare’s former headquarters at Paces West, two 18-story towers in Vinings, just sold for $21.75 million, about $34 per square foot. That’s not a typo. The price is 82% lower than the $119.5 million paid in 2019. The previous owners defaulted on a $102 million loan after Piedmont moved out, leaving more than 250,000 square feet empty. Now, a local group, Insignia LLC, bought the property out of special servicing and plans to rebrand, refill, and bring it back to life. Markets don’t care what you paid; they care what it’s worth now. For years, cheap debt, sloppy underwriting, and wishful thinking hid bad math. Markets can ignore fundamentals for a while, but they never escape them. https://lnkd.in/eGgK6xGU