Zalik Group Purchases Sandy Springs Office Park

Philanthropist and fintech entrepreneur David Zalik knows a good deal when he sees it. Under the name of CDI Palisades LLC, he acquired the 637,000-square-foot Palisades office park for $47.5 million in a cash deal that closed in June.

The four-building complex purchase is reputed to be “highly discounted.” The seller was Atlanta Property Group who purchased the 23-acre campus more than a decade ago for $95.3 million. Through a lot of machinations, including a swap and repackaging at $121 million, the owner had a $82.5 million loan extended to summer of 2026.

On behalf of Zalik, Ryan Wiedmayer stated, “The acquisition of Palisades reflects a significant discount to replacement cost and presents a compelling value proposition in a high-demand submarket of Atlanta. We believe the asset offers immediate income with substantial upside through lease-up opportunities and strategic capital investment.”

David Zalik has been a prominent figure in Atlanta’s commercial real estate market for more than 30 years. According to Wiedmayer, Zalik Investment Group managing director, “The Zalik Investment Group remains highly active in the commercial real estate market and is well-positioned to deploy capital as compelling opportunities emerge.”

In 2022, David and Helen Zalik donated one of their earliest commercial real estate investments to Children’s Healthcare of Atlanta, nearly 10 acres of land, including two office buildings, located along the I85 northbound access road near the Children’s North Druid Hills campus. Over the past eight months, Zalik Investment Group has acquired five commercial office properties, totaling approximately 1.7 million square feet in the Atlanta area. These assets were acquired either directly or through partnerships with local real estate operators.

Palisades Office Park is a prominent four-building, Class A office complex located at 5901 Peachtree Dunwoody Road in Sandy Springs’ Central Perimeter submarket, just outside I285 and near GA400. The property comprises approximately 639,000 square feet. The campus offers direct access to major interstates and is within walking distance, roughly 1,000 steps to both the Dunwoody and Medical Center MARTA stations. Nearby is the State Farm corporate campus, the Bishop Apartments, a 425-project built in 2019 and sold for about $108 million in 2024. HR solutions company TriNet closed a major lease deal at Dunwoody’s High Street, a posh mixed-use, multi-phased $2 billion development that is less than one mile from Palisades and is expected to create 750 new jobs over the next 5 years.

Wiedmayer told the AJT, “Palisades is an institutional-quality asset, featuring large floor plates, structured parking, and excellent visibility — attributes that help attract and retain high-caliber tenants.”

Current tenants include TRC Staffing, Huddle House, Herzing University, Cigna, JFrog, Weisman Law PC, Japan External Trade Organization, among others. The property is just over 70 percent occupied.

Atlanta Property Group’s management and leasing divisions, which was acquired by Trinity Properties, will retain those duties at Palisades. The Palisades transaction was brokered on David Zalik’s behalf by Ryan Goldstein of RG Real Estate.

Regarding broader market dynamics, Wiedmayer added: “We believe commercial office properties are undergoing a broad reset in valuations. For many assets, the path forward will involve a transfer of ownership and a resetting of the capital structure to support new operational strategies.”

An April 2025 Atlanta Journal-Constitution article stated that the recovery of the Atlanta office space market had slightly turned the corner for the first three months of 2025. “Challenges persist, but Atlanta’s office market shows improvement.”

David Zalik was the co–founder and former CEO of GreenSky Inc., a Sandy Springs-based fintech company that was not involved in the Palisades deal.
Note that the Zalik group is not in a position to comment on prior ownership or any parties that may have experienced a loss on the asset prior to their acquisition.