Transwestern to Lease Platinum Tower; Parmenter Scores Two TOBY Awards22 Feb 2013, 7:55 pm
By Georgiana Mihaila, Associate Editor
Beacon Investment Properties has recently named Transwestern’s Atlanta office as the exclusive leasing agent for its 312,500-square-foot Platinum Tower. This new leasing project is a significant addition to Transwestern’s leasing and property management portfolio, totaling more than 32 million square feet of commercial properties managed out of the Atlanta office.
Owner Beacon Investment Properties purchased the property last month from CBRE Global Investors Strategic Partners fund in a $48 million deal.
Located at 400 Interstate North Parkway in metro Atlanta’s Cumberland/Galleria submarket, the 17-story building is both LEED certified and ENERGY STAR labeled. Platinum Tower’s exterior features alternating bands of granite and black reflective glass and is accented by stainless steel trim. An attached glass-clad parking structure provides 1,280 parking spaces that are directly accessible to both the lobby and the first four floors.
Currently 94.4 percent occupied, the building has 25,000 square feet of available space. Greg Frankum, Transwestern’s director of agency leasing, along with Matt Spickard and Emily Dickerson will be handling the leasing efforts.
“Beyond its core location and diverse amenities, Platinum Tower leads its class in terms of operational excellence and sustainability,” said Frankum. “Historically, the property has performed very well, maintaining above average occupancy rates by attracting a diverse tenant base including regional headquarters and local branches for firms in the financial, real estate and manufacturing sectors.”
In other commercial real estate news, Parmenter Realty Partners has earned three BOMA Georgia distinctions, with two of its buildings winning The Outstanding Building of the Year (TOBY) Awards, and Christina Pearson being named 2013 Property Manager of the Year.
The two winning buildings were Buckhead Tower at Lenox Square—a Class A, 348,152-square-foot office building that won the local TOBY in the 250,000-499,999-square-foot category—and 160 Clairemont, a 121,686 SF Class A office building, winner in the Renovated Building category. With these two wins, Miami-based Parmenter Realty Partners now has a total of 45 TOBY Awards.
Images courtesy of CBRE Global Investors and Parmenter Realty
Construction Underway at @1377, Hines’ First Atlanta Apartment Project15 Feb 2013, 3:28 pm
By Georgiana Mihaila, Associate Editor
Dubbed @1377, the multifamily community will take shape on Dresden Drive, only a short walk from some of Atlanta’s best home-grown restaurants and bars, as well as the Brookhaven MARTA station on Peachtree Road. Designed by The Preston Partnership of Atlanta, @1377′s architecture evokes a transitional style with buildings clad in brick, with stucco accents, large windows, wrap-around corner balconies and ground-level unit entry stoops at the sidewalk.
The development will include 215 luxury urban-style residences in a four-story building with an attached multi-level parking garage. The project will include studios, one- and two-bedroom units ranging in size from 468 to 1,537 square feet. The developer promises high-quality finishes that include stained-wood cabinetry and ceramic tile surrounds, as well as 9′ ceilings throughout the project, with top-floor “penthouse” units having 10′ ceilings, 8′ doors and 42″ cabinetry.
The @1377 project represents the international developer’s entry into the Atlanta residential market. Hines’ multifamily division, formed in January 2011, currently has more than 5,000 units in projects in various stages of development, located in several U.S. cities including: Cambridge, MA; Chicago; Denver; Houston; Miami; Minneapolis; Pasadena, CA; Phoenix; Rockville, MD; and St. Petersburg, FL. Just last month Hines broke ground on another luxury multifamily complex, the 308-unit Azure Residences in St. Petersburg, Florida.
Alan Patton, senior managing director in charge of the firm’s Multifamily Division, said, “Hines’ multifamily platform is focused on delivering high-quality for-rent residential projects in all of our domestic markets. We are committed to delivering a superior product with our @1377 project and are excited about its one-of-a-kind location within Atlanta’s well-known Brookhaven submarket.”
Urban Oaks Builders will serve as general contractor for the project. The company expects to see the first residents move in by October 2013, with final completion set for December 2013.
Image Courtesy of Hines
Duke Realty Closes Multiple Industrial Leases in Northeast Atlanta11 Feb 2013, 4:55 am
By Georgiana Mihaila, Associate Editor
Birmingham, Ala.-based Pinnacle Data Systems—provider of business critical documents for Fortune 500 companies—will move from its current space in the Gwinnett Park business complex into 72,274 square feet at Duke Realty’s Horizon Business Center, a 3.4-million-square-foot, Class-A industrial park located off I-85 in Suwannee, Ga. Significant tenant improvements will be made to accommodate the company, including work on air conditioning, printing and power needs.
Sprinkler systems and fire protection services provider Century Fire will be consolidating its Atlanta operations by moving from its corporate headquarters at Duke Realty’s Pinebrook business park and from another office location in Duluth into a single facility. The company has chosen a stand-alone 68,400-square-foot warehouse and distribution building located at 2450 Meadowbrook Parkway in Duluth. The move will increase Century Fire Protection’s footprint in Georgia by 40,000 square feet. The company plans to move into the Meadowbrook building in first-quarter 2013.
Video communication company AVI-SPL signed a lease for 18,806 square feet of space at 3079 Premiere Parkway, bringing the building’s occupancy to 100 percent. 3079 Premiere Parkway is a 101,600-square-foot building at the Business Park at Sugarloaf in Duluth.
Anixter Inc., a Chicago-based provider of communication products, has renewed its 205,700-square-foot lease at 250 Horizon Drive, a 267,600-square-foot distribution building in Horizon Business Center which it shares with only one other tenant, Best Buy.
“Duke Realty is pleased to accommodate the business needs of these four successful businesses,” said Chris Brown, Senior Vice President, Georgia Operations in Duke Realty’s Atlanta office. “Anixter and Century Fire Protection have been valued tenants for many years, and we’re glad to retain both companies. We also welcome Pinnacle Data Systems and AVI-SPL Holdings to our portfolio and look forward to providing them with flexible, high-quality space to accommodate their continued growth.”
Image: 3079 Premiere Parkway via DukeRealty.com
NAP Breaks Ground on $600M Avalon Mixed-Use Development in Alpharetta4 Feb 2013, 3:07 pm
By Georgiana Mihaila, Associate Editor
Nine months after the ambitious Avalon mixed-use development finally got the approval of the Alpharetta City Council, developer North American Properties is now one step closer to deliver what it fondly calls “the Southeast’s preeminent experiential development.”
Celebrating the groundbreaking of the 86-acre, resort-inspired Avalon development on January 28, NAP Managing Partner Mark Toro said, “Today is the culmination of a lot of hard work and countless wins during the past six months.” He added, “We are excited to share all our progress today and to start demolition and construction. I know the residents of Alpharetta are as eager as we are to begin moving dirt. The wait is over.”
Located in the heart of Alpharetta, the Avalon mixed-use development is being marketed as a place where specialty retail, entertainment, restaurant, residential, office, hotel and public spaces come together to create a unique destination. Designed with sustainability in mind, the 86-acre development will consist of 500,000 square feet of retail, a 14-screen theater, four-star boutique hotel, Class A office, single-family residences and luxury rental homes.
Avalon is now 50 percent leased with another 30 percent in negotiations. The leasing team has recent commitments from Pinkberry, Dry Bar, C. Wonder, lululemon, Luxury Nail Spa, Kona Grill, Mitchell Gold + Bob Williams, L’Occitane, Fly Wheel, Savor Boulanger (a new concept from restaurateur Chris Sedgwick), Destination Maternity, Gap and White House Black Market. These brands join already announced tenants including Regal Cinemas, Whole Foods, Anthropologie, Marlow’s Tavern, Orvis, Ted’s Montana Grill, Fab’rik, Athleta, Arhaus, Paper Source, Banana Republic, Cru Wine Bar, a concept from chef Ford Fry, Yeah! Burger, Van Michael Salon and Marmi Shoes.
Construction, development and leasing partners list Wakefield Beasley as the principal architect and Site Solutions as the landscape architect. Hoar Construction has been named the project’s general contractor while Greenstone Properties has been engaged to lease the professional office lofts. NAP has also signed an agreement with Monte Hewett Homes to build 101 luxury homes and townhomes in a community designed by Lew Oliver Inc.
Image courtesy of North American Properties
Palisades Office Park’s Green Efforts Rewarded with LEED Gold Certification25 Jan 2013, 5:30 pm
By Georgiana Mihaila, Associate Editor
Palisades Office Park, Shorenstein Properties’ Class A complex located in Atlanta’s dynamic Central Perimeter, recently received LEED certification at the Gold level, Existing Building Operations and Maintenance (EBOM).
LEED for Existing Buildings: Operations & Maintenance addresses energy efficiency, whole-building cleaning and maintenance issues (including chemical use), recycling programs, exterior maintenance programs, and systems upgrades.
Palisades Office Park’s sustainability program includes: a parking deck retrofit using 32-watt spring lamps instead of 175-watt HID, and the addition of photo cells to control outer row lights during daylight hours; a water heater retrofit resulting in a 50 percent reduction in electricity use; conversion of lobby lights and all outside lighting to LED; use of lake water for irrigation; electronic monitoring of all cooling tower water usage; motion sensors in offices to control lighting; low flow fixtures in restrooms; new waste management practices resulting in a 58 percent diversion rate; and a program to recycle batteries, computers, and other electronic equipment for tenants and management.
Palisades is a four-building complex comprising approximately 640,000 rentable square feet. The property consists of three interconnected mid-rise buildings (five to six stories each) and one 11-story building. The property wraps around a four-acre lake, while amenities include a conference facility, fitness center, two-hole putting green and a café. The buildings carry an ENERGY STAR rating of 84.
The office park is now the 23rd Shorenstein-owned or managed property to achieve LEED certification at the Silver level or higher. Nineteen properties currently owned by the company are LEED certified, 15 of which are at the Gold level. The company is reportedly currently in the formal process of pursuing LEED certification for four additional properties.
Image via http://palisadesofficepark.info
Undisclosed Buyer Pays $293M for Metro Atlanta’s Largest Hotel19 Jan 2013, 12:01 am
By Georgiana Mihaila, Associate Editor
The 1,663-room Atlanta Marriott Marquis recently traded owners, but no investor has yet claimed responsibility for the $293 million acquisition. Seller Host Hotels & Resorts announced that the sale went through on January 11, but has been reluctant to provide extra information.
The $293 price tag is considerably smaller than the approximately $400 million estimated when the property hit the market, in June 2012. The hotel had only traded once before, when Host Hotels & Resorts purchased it for $229.5 million in January 1998.
According to the Atlanta Business Chronicle, Robert Webster and Tim Southard of Jones Lang LaSalle’s Hotels & Hospitality Group brokered the deal on behalf of Host Hotels.
In an official release, the Maryland-based company said it will use the proceeds to fund future acquisitions, pay down debt or for general company purposes.
“I am excited to report our continued success in executing our asset sale strategy. In the past 12 months, we have sold four hotels for approximately $450 million. This sale meaningfully reduces our overall market presence in Atlanta, which now represents approximately 3 percent of our total revenues,” said Gregory J. Larson, executive vice president, corporate strategy, Host Hotels & Resorts.
The 1,663-unit Atlanta Marriott Marquis, metro Atlanta’s largest hotel, has been around since 1985. It holds 1,569 rooms, 94 suites, 61 meeting rooms and more than 28,000 square feet of exhibit space. Host Hotels & Resorts paid approximately $140 million for an extensive renovation of the Marquis in the summer of 2008.
The John Portman-designed building is the 14th tallest skyscraper in the city, rising 52 stories (554 ft.). The Marriott Marquis’ defining feature is its large atrium—spanning over the entire height of the building and consisting of two vertical chambers divided by elevator shafts and bridges; it held the record of largest atrium in the world for many years, a record broken by Burj Al-Arab in Dubai. The hotel has also served as location for filming scene parts of the recent Denzel Washington movie, “Flight,” and the upcoming “Hunger Games” sequel, “Catching Fire,” according to The Atlanta Journal-Constitution. The hotel is subject to a long-term management agreement with Marriott International, Inc.
Images via Marriott Official Website
Retrofitted Kennesaw Facility to Serve as Novelis’ New Global R&D Center14 Jan 2013, 7:10 pm
Rolled aluminum and aluminum are two key materials for recycling giant Novelis and its new 160,000-square-foot Global Research & Technology Center in Kennesaw.
The facility, located just 25 miles from the company’s corporate headquarters in Atlanta, previously served as office and warehouse space for a chemical manufacturer. Novelis hired architecture firm Lord, Aeck & Sargent (LAS) to retrofit the office space, design a new public entry, and build out the empty warehouse space.
The building’s public entrance, formerly pedimented precast concrete and glass, has been completely reimagined and now features a 38-foot-long cantilevered aluminum-clad steel and glass canopy and updated landscaping that reaches out to welcome visitors. The design incorporates a dramatic structure and a playful use of scuppers and rain chains that direct water into the new planted areas that frame the arrival sequence. The exterior entry area also features a large aluminum ingot cast into the sidewalk.
“Novelis asked us to design a facility that emphasized cohesiveness with the company’s corporate headquarters in Atlanta, so we created a modern, open, light-filled work environment with similar finishes, and we took the design a step beyond,” said Barry Abrams, a senior associate with LAS. “We created numerous ways to incorporate the company’s aluminum into the design.”
The building is one story with a mechanical mezzanine in the high-bay area to optimize the use of space. The warehouse build-out made way for a variety of materials development and testing laboratories, along with a 30-foot-tall high-bay space housing a 16,000-square-foot pilot beverage can production line, an industrial lab with two overhead cranes, and storage space. Approximately 35,000 square feet remains for future expansion, with plans for a small scale aluminum rolling mill and heat treatment capabilities for finishing automotive aluminum sheet.
DPR served as construction manager for the facility, AHA Consulting Engineers as MEP/FP engineer, while idea|span assisted Lord, Aeck & Sargent on interior design work.
Crescent Ready to Kick-Start $67M Luxury Development in Buckhead4 Jan 2013, 5:21 pm
Following the purchase of a three-acre site within Cousins Properties’ Terminus development, Crescent Resources, LLC is now set to begin construction on the $67 million Circle Terminus community.
“This site has all the ingredients for a very successful luxury apartment community,” said Ben Collins, regional director for Crescent Resources. “Its location in the heart of Buckhead is ideal. And, with its existing world-class office space, luxury condominiums, outstanding public art, five-star dining and street level retail, Circle Terminus will offer a unique lifestyle that allows residents an opportunity to work, play and live all within easy walking distances.”
Crescent and Cousins have been working together for more than a year planning for the newest addition to Terminus. According to a press statement, Circle Terminus is being financed by an equity investment from Crescent Resources and the construction lender is JPMorgan Chase & Co.
The 355-unit Circle Terminus will consist of three eight-story buildings, with the first three of parking topped by five stories of apartment homes. The completion date for the first units has been set for spring 2014.
Amenities will include a salt-water resort-style pool, roof-top terraces with dramatic skyline views, a wine bar and tavern, an extensive fitness center, a dog walk park, an art gallery and a business center. The apartments will feature granite countertops, stainless steel appliances, faux hardwood flooring and a custom lighting package.
Circle Terminus is designed to meet LEED requirements from the U.S. Green Building Council. Lord Aeck & Sargent of Atlanta is the project architect, while Southern Civil Engineers of Atlanta serves as the civil engineer. LandDesign of Charlotte is the land planner and landscape architect and Hardin Construction of Atlanta has been named the general contractor. Greystar will serve as the property manager.
Taking its inspiration from the existing contemporary buildings in the development, Circle Terminus will complement the existing Terminus 100 and Terminus 200.
Image courtesy of Cousins Properties
CNL Affiliates Seek to Invest in Metro Atlanta Senior Housing2 Jan 2013, 4:16 pm
Two different branches of CNL Financial Group have shown interest in senior housing development in the Atlanta metro area.
CNL Healthcare Trust will invest $21 million in the development of Dogwood Forest of Acworth, a senior housing community planned for Acworth, Ga., about 30 miles northwest of Atlanta. Solomon Senior Living Holdings, LLC has been selected as developer, while Solomon’s affiliated management company—Trinity Lifestyles Management—will manage the community under a long-term agreement with CNL Healthcare Trust.
Dogwood Forest of Acworth, CNL Healthcare’s second senior housing development project, will be a three-story building totaling nearly 85,000 square feet. The 92-unit community will contain 46 assisted living units and 46 memory care units.
Twenty-two of the 46 memory care units will be designated for residents in the earlier stages of Alzheimer’s disease, with the remaining 24 units serving residents requiring specialized memory care. The senior housing community will feature a bistro, barber/salon and media room, along with a dining room, common area living room and sitting areas located throughout the facility.
CNL Lifestyle Properties has also added an Atlanta-area senior housing community to its portfolio, as the REIT has acquired Laurel Creek Manor in Cumming, Ga. for $7.5 million. This property will also be added to the Dogwood Forest family of four senior living properties acquired by CNL Lifestyle Properties in the Atlanta area in May and will be renamed Dogwood Forest of Cumming.
Laurel Creek Manor is a “needs-based” community with a total of 48 units, including 36 assisted living units and 12 memory care units. As of Oct. 31, the community was 100 percent occupied. Opened in 2009, the senior housing community is approximately 35 miles northeast of downtown Atlanta.
The community will also be managed by Trinity Lifestyles Management, which manages four other senior living facilities owned by CNL Lifestyle Properties in the Atlanta area. In May, the company purchased these communities, which are located in Alpharetta, Ga., Stockbridge, Ga., Fayetteville, Ga., and Gainesville, Ga., for $79.8 million.
Image: Laurel Creek Manor
Dual-Branded Hilton Opens in Midtown; Imperial Hotel Renovation Eyes LEED Gold Certification17 Dec 2012, 4:57 am
Midtown Atlanta is now home to Georgia’s first dual-branded hotel, as Hilton Worldwide recently celebrated the opening of its newest hotel, Hilton Garden Inn and Homewood Suites by Hilton.
The 12-story property is located at 97 10th Street, within a two-mile radius of a number of multi-national businesses such as Coca Cola and Turner Broadcasting. Owned and managed by North Point Hospitality Group, Inc., the hotel boasts 136 Hilton Garden Inn rooms and suites, and 92 Homewood studio and one-bedroom suites. The hotel splits its lobby between the brands offering two separate check-in desks and lodging/dining areas—each catering to the needs of their respective customers. Communal areas include meeting rooms, business center, pool, and fitness center. It also features five meeting rooms offering more than 3,500 square feet of flexible space and an on-site guest laundry facility.
“We are excited to once again partner with Hilton Worldwide on the first dual branded hotel in Georgia,” said S. Jay Patel, president and CEO of North Point Hospitality Group, Inc. “We look forward to being part of the dynamic Atlanta Midtown market with the opening of these two industry leading brands.”
As the new Hilton Garden Inn and Homewood Suites by Hilton claims ground, the historic Imperial Hotel heads for renovation. Columbia Residential and National Church Residences have recently closed on construction and permanent financing for the 102-year-old downtown hotel, enabling renovation and construction work on the property.
With a completion date set for late 2013, the Imperial Hotel will re-open as a permanent housing facility serving low- to moderate-income residents exiting homelessness and others with special needs. Consisting of 90 fully renovated units, the building is expected to achieve LEED Gold certification. The renovation project includes improved floor plan configuration, fully updated leasing and management offices, resident amenities and onsite security.
Historic renovation will follow guidelines of the City of Atlanta Landmarks Commission as well as the National Parks Service.
Image: Hilton Garden Inn® and Homewood Suites by Hilton via skyscrapercity.com