News
THE DEAL SHEET
April 10, 2012
| Is Atlanta's office market getting healthier? From Ed Cave's perspective, it sure is. (We'll call him Dr. Ed for now. No house calls.) And he has the stats to prove it. | ||
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| Here's VeenendaalCave prez Ed prepping for its annual business meeting this Thursday with partner Jeanette Meyers. He tells us the firm's number of interior design jobs has jumped 18% year-over-year. And adding to that, the average SF of a project was also up 18%, from some 6,000 SF last year to nearly 7,200 SF as of Q1. ?Our clients are just making a lot of deals,? Ed says. ?The economy went stale for awhile, and now it's on a rebound." Ed says the firm has been also hiring new designers to accommodate the influx of new assignments. | ||
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| Here's one of VeenendaalCave's recent deals, the workplace interior for Dorris & Associates at Daniel Corp's 1075 Peachtree. The firm also recently planned Alcatel's 65k SF office relocation at 900 North Point, Elavon's 100k SF offices at Concourse Corporate Center, TicketMaster' s 10k SF office space at 271 17th Street and First Option Mortgage's new 40k SF offices at Platinum Tower. ?We still see consolidations… but we're seeing lots of new deals obviously,? he says, adding that the sea of change in ownership has also prompted new owners to make capital improvements to many of their properties, adding to the workload. | ||
| LEASES | ||
| Universal Power Group's 22,800 SF lease, inked in 2010 at 10 Southwoods Parkway in Hapeville, will run through 2014, the company reports to the SEC. With its first year free, the company is spending $6,000/month on rent since October, with that rate climbing annually until it pays nearly $6,500/month before its expiration. | ||
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| We got a little more info on that massive Carter's warehouse from SEC filings, as well. The company reports its 1.1M SF lease in Braselton with Duke ends Sept 30, 2023, with a base rent of $600k for the first six months, and then free for a year thereafter. Rents will increase annually from $2.3M to $2.9M with hikes of 2.5% per year if Carter exercises a five-year option. The baby clothing maker also has an option to require Duke to spend $1M on TI in the first year and to add a parking lot. | ||
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| The management team for MACE North America poses in its new office space at 6 Concourse Pkwy in Central Perimeter, where the firm recently leased 3k SF for its corporate Atlanta offices. | ||
| SALES | ||
| Behringer Harvard sold Mariposa Lofts Apartments, a 253-unit complex on Montag Circle in Atlanta. The company purchased the complex in '09. Price was not disclosed. ?We decided to pursue an unexpected opportunity to sell Mariposa Lofts and capture attractive value for our shareholders,? says Behringer Harvard Multifamily REIT I COO Mark Alfieri. | ||
| DEVELOPMENT | ||
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| Noble Investments and Hyatt Hotels Corp (in a cute little JV) have begun construction on the 149-key HYATT House hotel in the Overton Park mixed-use development in the Cobb/Galleria submarket. The 107k SF hotel is being built by Evergreen Construction and will open its doors by the spring of '13. | ||
| PEOPLE | ||
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| Jones Lang LaSalle's Shan Gastineau has been named managing director in its corporate finance and net lease division. Previously, Shan was SVP of the tenant rep group. | ||
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| Paul Anderson was tapped to lead the new office for architectural and engineering firm Goodwyn, Mills and Cawood in Atlanta, coming over from Rosser International. Most recently GMC captured two federal proejcts: Installing new HVAC systems at Ft Benning's library and architectural services for the Georgia Army National Guard. | ||
| EVENTS | ||
| IFMA will be hosting its new member breakfast 7:30 a.m. April 25 at Maggiano's Perimeter. You can reserve your place by contactingDawn Abraham. | ||
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| Goodwyn, Mills and Cawood will be hosting its ?Can Do Good? design competition, open to North Fulton high school students, who will design structures made from cans. The event will be held during the Greater North Fulton Chamber of Commerce breakfast April 24 at the Country Club of the South. | ||
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| NAIOP will be hosting its Georgia School Challenge tomorrow at the conference room of Bank of America, with CBRE's Brian Budnick, Pattillo Industrial Real Estate's Larry Callahan, Cousins Properties' Bill Hollett, and Wakefield Beasley & Associates' Lamar Wakefield as judges to the students' real-life case studies. | ||
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| Hines Interests will be embracing change for its third-annual Hines Atlanta Portfolio Speaker Series, beginning 7:30 a.m. April 17 at Atlanta Financial Center's south tower. Speakers tapped for the five-panel invitation-only series over the next few weeks include Ernst & Young's Trex Morris; Atlantic Captial Bank's Sonny Deriso; Noble Investment Group's Mit Shah; and Metro Atlanta Chamber of Commerce's Hans Gant. The series will address how local leaders are chal |
