This Week's Atlanta Deal Sheet: AIG Nails Down Huge Expansion In Brookhaven
Insurance giant American International Group has inked a deal to open a 180K SF innovation hub in Brookhaven.
AIG leased the space at 2002 Summit Blvd., an 18-story, 390K SF tower in the Perimeter Summit office park in Central Perimeter, the company announced in a release Thursday.
The insurance giant will consolidate 1,000 employees to the new innovation hub and still have room to hire more than 600 new workers there over the next five years, the company said. The move more than triples the company's Atlanta office footprint — it leases 42K SF at One Alliance Center in Buckhead and 7K SF at Brookside I in Alpharetta, according to Avison Young.
“With the Atlanta innovation hub, we are enhancing our data and digital capabilities and recruiting talent with highly sought-after expertise,” AIG Executive Vice President and Chief Digital Officer Claude Wade said in the release.
JLL’s Brooke Dewey, Adam Viente and Alexis Vondersaar brokered the deal for the landlord, Spear Street Capital. JLL’s Josh Hirsh, Gregg Metcalf and Patrick Baughman represented AIG. The Georgia Department of Economic Development’s John Soper negotiated incentives on behalf of the state and in partnership with Decide DeKalb, Georgia Power, the Metro Atlanta Chamber and the University System of Georgia.
AIG plans to occupy the new hub in 2026.
LEASES
Accounting software maker FinQuery inked a 15K SF lease at 1001 Perimeter Summit, the 21-story, 520K SF office tower in the Perimeter Summit office complex. FinQuery’s last Atlanta address was listed as Three Ravinia Drive.
Chicago Title Insurance Co. also leased 12K SF in the building. Its last address was listed in the Wildwood Office Park in the Cumberland/Galleria submarket.
JLL’s Dewey, Viente and Vondersaar brokered both deals for the landlord, Spear Street Capital.
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Walk Your Plans, an interactive technology company, inked a 6K SF lease at the 74K SF industrial building 3000 Northfield Place at the Northfield Business Park in Roswell. Transwestern’s Austin Hibbard, Bradley Fulkerson and Peyton Wimberly brokered the deal for Walk Your Plans. The building is owned by an entity called ULF Northfield Business Center LLC, a Dallas-based entity.
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Arauco renewed 25K SF at the 1M SF The Terraces office campus in Dunwoody. Jencap Specialty Insurance signed a 21K SF lease in the same business park, according to JLL. Dewey and Glenn Aspinwall brokered the deal for the asset manager, MetLife Investment Management.
DEVELOPMENT
Toro Development Co. announced this week that it will develop a 175-room luxury boutique hotel akin to the one Toro founder Mark Toro developed at the Avalon mixed-use project. The new hotel, dubbed The Hotel at Medley for now, is part of the Medley mixed-use development, which will deliver 180K SF of retail, 110K SF of office, 340 apartment units and 133 townhouses in the city of Johns Creek.
Medley is expected to open in the third quarter of 2026.
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Crescent Communities is breaking ground on a 300-unit, five-story apartment building in Douglasville. The building, to be called Render, will sit next to the new Great Point Studios, a 500K SF film and TV studio operated by Lionsgate. The apartments are slated to open in early 2026.
PERSONNEL
Former Fuqua Development Director of Leasing Heather Moon has been tapped by CIM Group to head up retail leasing for Centennial Yards. Moon, a 20-year retail leasing veteran, was named vice president for the CIM development division Centennial Yards Co.
Nick Garzia, who had been leading retail leasing at the project, left CIM last year to return to his former employer, Hines, as senior director.
FINANCING
The owner of Country Inn & Suites by Radisson, a 70-room hotel at 3000 Mansell Road in Alpharetta, obtained $34.5M in financing for the hotel and four other properties through the Small Business Administration, with loans ranging from $4.5M to $12.75M.
Hunter Hotel’s Adeel Amin arranged the financing, which also included Extended Stay America hotels in Las Vegas and Greensboro, North Carolina, and a HomeBridge Extended Stay and Baymont Inn in Jessup, Georgia. Alpharetta Bluebird purchased the Country Inn from Saaj LLC for $4.6M in June, according to Reonomy.
SALES
Gryphon Dacula Properties sold its 65-unit senior housing facility at 1200 Winder Highway in Dacula for $5.8M to Alana Recovery Centers. The facility will change operations from senior living to behavioral care under the new ownership.
According to Gwinnett County records, Gryphon purchased the property in 2014 for $9.1M. Bull Realty’s Ernie Anaya brokered the deal.
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Faropoint purchased 48-50 Best Friend Road and 1056 Personal Place from an LLC tied to the Canadian REIT Ivanhoé Cambridge for an undisclosed sum. The light industrial properties, which span a combined 254K SF, are fully occupied.
JLL’s Jim Freeman, Matt Wirth, Dennis Mitchell and Britton Burdette brokered the sale.
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Chicago-based Waterton purchased 903 Peachtree, a 427-unit, 33-story apartment tower in Midtown, from CA Ventures for $118.6M, the Atlanta Business Chronicle reported. CA Ventures got a $101M loan in February 2020 from QuadReal Property Group to fund the construction of the tower, according to the Reonomy property database.
