Ask someone in Perimeter what the towers by the Dunwoody MARTA station are, and the answer comes quickly: the State Farm campus.
That describes the tenant, not the owner.
Park Center II and III, the two towers State Farm leases in Dunwoody, are on the market. Together they contain roughly 1.1 million square feet. Reports based on the sales marketing say the properties could draw bids around $450 million and that approximately $527 million in rent remains over about ten years of State Farm’s lease.
Neither number is a sale price. The first is a possible bid. The second is rent scheduled to come in over time, before the costs of owning and operating the buildings.
A buyer would be purchasing buildings with a long-term tenant. State Farm is not selling its Atlanta Hub or announcing a move.
What changes for the people who work there?
The listing itself does not change State Farm’s lease or operations. Dunwoody Economic Development Director Michael Starling said the company’s leases extend beyond 2035 and that the proposed sale does not affect its presence or employment in the city. He described nearly 7,000 employees as working out of the Atlanta Hub. That is not a count of people at their desks on any particular weekday.
For someone working at the campus, the immediate story is therefore less dramatic than the price tag suggests. The name on the building stays. The company remains the tenant. What changes, if a sale closes, is the owner collecting rent and making decisions about the property within the bounds of existing leases.
For everyone who travels through Perimeter Center, the larger question is what happens to the pieces of Park Center that were meant to make it more than an office campus.
The part of the plan still waiting
When developer KDC announced Park Center in 2014, it described a 17-acre development connected to transit. The full vision included 2.2 million square feet of offices, 100,000 square feet of retail, restaurants and entertainment, and a 175-room hotel.
Three office towers were built. Park Center II opened in 2020 with more than 39,000 square feet of retail space. Park Center III followed in 2021. The full retail program and hotel did not arrive as originally envisioned.
But the empty land is not waiting on the original 2014 plan. In May 2024, Dunwoody approved a revised plan for Park Center’s last undeveloped 2.56-acre parcel. Instead of a standalone fourth office tower, the zoning allows 300 residences, a 175-room hotel, 22,000 square feet of retail and 300,000 square feet of offices. KDC proposed an apartment tower and a combined office-and-hotel tower.
That approval permits a project. It does not mean those buildings are under construction or guaranteed to be built. KDC said at the time it expected construction to begin in 2025. That target has passed without the proposed phase opening.
The distinction matters for residents and businesses around Hammond Drive. The question is no longer just whether Park Center gets the hotel promised in 2014. It is whether the approved 2024 mix of homes, hotel rooms, offices and storefronts moves forward at all.
What is actually being offered for sale?
KDC bought Park Center II and III from State Farm in a 2022 sale-leaseback. That transaction also included a parking garage, 39,152 square feet of retail and the 2.56-acre development parcel.
The towers are now being marketed for sale by KDC’s ownership group. Public accounts of the current listing clearly identify Buildings II and III. They do not establish with the same clarity whether the development parcel is included in the offering. Until a sales package or buyer confirms it, the 2022 purchase should not be treated as the exact contents of the 2026 listing.
That is a consequential missing detail. If the parcel transfers with the towers, a buyer may inherit the next phase of Park Center along with the rent-producing buildings. If it does not, the office sale and the future mixed-use development could follow different paths.
The eventual sale price will also be worth watching, but not because it tells us what every Perimeter office is worth. These are fully leased buildings backed by a long State Farm commitment. A vacancy-heavy building nearby is a different investment.
The State Farm sign makes this look like a story about a company leaving or downsizing. The evidence points elsewhere. State Farm is the tenant, and its lease remains in place. What interests me is the gap between an office campus that got built and a neighborhood-scale plan that has been revised but not finished. Dunwoody has already allowed a different future for the remaining land, one with homes, a hotel and more places at street level. The sale is an opportunity to ask whether that future has a developer, financing and a real timeline. For the person who works near Hammond Drive, the most useful next announcements are not another possible price for the towers. They are confirmation of what the buyer actually purchased and a construction schedule, if there is one, for the approved final phase.
