Acquisition Broadens Real Estate Asset
Portfolio to Grow Enterprise Value
Property Totals 763,465 Square Feet,
Situated on Approximately 34 Acres and Featuring Over 2,700 Parking
Spaces
Atlanta Braves Holdings, Inc. (Nasdaq: BATRA, BATRK) today
announced the Braves Development Company’s acquisition of Pennant
Park, a six-building office complex located at the intersection of
I-75 and I-285 adjacent to The Battery Atlanta. Owned by Rubenstein
Partners since 2017, Pennant Park features 763,465 square feet of
office space situated on approximately 34 acres and includes over
2,700 parking spaces. The property currently has 24
industry-diverse tenants anchored by blue-chip organizations such
as The Home Depot. The acquisition is immediately accretive given
the strong credit of its tenants, occupancy of over 80% and the
close proximity to our highly amenitized campus.
“This represents a strategic step in the growth of our real
estate portfolio and creates a significant opportunity for Atlanta
Braves Holdings to enhance the tenant experience while investing in
the future of our growing community at The Battery Atlanta,” said
Mike Plant, President & CEO of Braves Development Company.
“Acquiring this adjacent property expands our footprint and
positions us to capitalize on the interest we continue to see in
The Battery Atlanta. Additionally, this will provide expanded
parking for the approximately 9 million people who visit us each
year.”
The acquisition of Pennant Park furthers our strategic goals of
delivering value to our fans and shareholders and continues our
innovative spirit in taking professional sports well beyond
traditional boundaries. As the surrounding area of Truist Park and
The Battery Atlanta continues to grow, we will continue to invest
in opportunities that advance our core mission of delivering the
best sports and entertainment experiences.
Adjacent to the Chattahoochee River National Park, Pennant Park
is bordered by Interstate North Circle and Interstate North
Parkway. The parcel is approximately 34 acres in size and will
increase our existing land footprint by over 30%. With the addition
of leasable office space, this purchase will also bring total
available square footage to over 3 million square feet across our
various properties. Pennant Park is comprised of two components,
Pennant Commons and Pennant View:
- Pennant Commons:
- Pennant Commons consists of four office buildings (320, 340,
360, and 380) sitting on a 17-acre site centered around a vibrant,
recently upgraded multipurpose communal plaza, known as The
Quad.
- The buildings are four to six stories and include surface and
structured parking totaling over 1,700 spaces.
- Buildings 320 and 340 are fully leased to The Home Depot, and
buildings 360 and 380 are multi-tenanted and leased currently to 14
tenants.
- Pennant View:
- Pennant View consists of two office buildings (210 and 3100)
sitting on a 17-acre site that are both multi-tenanted and feature
multimedia lobbies that were upgraded between 2017 and 2019.
- The buildings are six stories and include surface and
structured parking totaling over 970 spaces.
- Pennant View’s expansive site provides future opportunities for
site densification, driven by the rapidly urbanizing trajectory of
the area.
Additional features of the property include 24-hour security,
on-site engineering, a 48-person conference center, two fitness
centers, on-site car detailing services, two cafés, Social Kitchen
tenant lounge and cafe, bocce ball court, putting green,
multi-sport game court, helipad, lake with jogging trail, and a
Cobb Community Transit System bus stop.
High-resolution map and video available here:
https://www.dropbox.com/scl/fo/q76o662kj20w0qi1fybjj/AKoE39XbCcpECOCklCO2Nng?rlkey=mr4nmiqevtjmod077wsvrk1ne&st=cp076ntg&dl=0
About Atlanta Braves Holdings,
Inc.
Atlanta Braves Holdings, Inc. (Nasdaq: BATRA, BATRK) consists of
100% of the ownership and voting interest in Braves Holdings, LLC,
which is the owner and operator of the Atlanta Braves Major League
Baseball Club and a real estate portfolio that includes the
mixed-use development, The Battery Atlanta, and is the operator of
the Atlanta Braves Major League Baseball Club’s stadium, Truist
Park.
Important Notice Regarding
Forward-Looking Statements
This press release includes certain forward-looking statements
within the meaning of the Private Securities Litigation Reform Act
of 1995, including statements about business, product and marketing
strategies, future financial performance and prospects, trends and
any other matters that are not historical facts. The words
"believe," "estimate," "expect," "anticipate," "intend," "plan,"
"strategy," "continue," "seek," "may," "could" and similar
expressions or statements regarding future periods are intended to
identify forward-looking statements, although not all
forward-looking statements may contain such words. Where, in any
forward-looking statement, we express an expectation or belief as
to future results or events, such expectation or belief is
expressed in good faith and believed to have a reasonable basis,
but such statements necessarily involve risks and uncertainties and
there can be no assurance that the expectation or belief will
result or be achieved or accomplished. Given these uncertainties,
we caution you not to place undue reliance on these forward-looking
statements. The risks and uncertainties that could cause actual
results to differ materially from those expressed or implied by
such statements, include, without limitation: ABH’s inability to
replicate certain functions or the loss of benefits of contracts
associated with the transition away from Liberty Media; ABH’s
historical financial information not being representative of its
future financial position, results of operations, or cash flows;
ABH’s ability to recognize anticipated benefits from the split-off
from Liberty Media; ABH’s ability to successfully transition
responsibilities for various matters from Liberty Media to in-house
or third party personnel and costs incurred in connection with
operating as a standalone public company; ABH’s ownership,
management and board of directors structure; ABH’s indebtedness and
its ability to obtain additional financing on acceptable terms and
cash in amounts sufficient to service debt and other financial
obligations; ABH’s ability to realize the benefits of acquisitions
or other strategic investments; the impact of inflation and weak
economic conditions on consumer demand for products, services and
events offered by ABH; the outcome of pending or future litigation
or investigations; operational risks of ABH and its business
affiliates with operations outside of the U.S.; ABH’s ability to
use net operating loss and disallowed business interest
carryforwards; ABH’s ability to comply with government regulations
and potential adverse outcomes of regulatory proceedings; the
regulatory and competitive environment in which ABH operates;
potential changes in the nature of key strategic relationships with
business partners, vendors and joint venturers; the achievement of
on-field success and ability to develop, obtain and retain talented
players; the impact of organized labor; the impact of the structure
or an expansion of Major League Baseball; the level of broadcasting
revenue that ABH and its subsidiaries receive; the impact of data
losses or breaches or disruptions in ABH’s information systems and
information system security; ABH’s processing, storage, sharing,
use and protection of personal data; ABH’s ability to attract and
retain qualified key personnel; the inherent risks in the real
estate business, including, but not limited to, tenant defaults,
potential liability related to environmental matters and liquidity
of real estate investments; and the impact of geopolitical
incidents, accidents, terrorist acts, pandemics or epidemics,
natural disasters, including the effects of climate change, or
other events that cause one or more events to be cancelled or
postponed, are not covered by insurance, or cause reputational
damage to ABH and its affiliates. These forward-looking statements
speak only as of the date of this press release, and ABH expressly
disclaims any obligation or undertaking to disseminate any updates
or revisions to any forward-looking statement contained herein to
reflect any change in ABH’s expectations with regard thereto or any
change in events, conditions or circumstances on which any such
statement is based. Please refer to the publicly filed documents of
ABH, including our Annual Report on Form 10-K for the fiscal year
ended December 31, 2024, as may be updated by subsequent filings
under the Securities Exchange Act of 1934, as amended, including
Forms 10-Q and 8-K, for additional information about ABH and about
the risks and uncertainties related to ABH’s business which may
affect the statements made in this press release.
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version on businesswire.com: https://www.businesswire.com/news/home/20250402007049/en/
MEDIA CONTACT: Jennifer Giglio,
Jennifer.Giglio@braves.com INVESTOR RELATIONS CONTACT:
Cameron Rudd, Cameron.Rudd@braves.com
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