This Week's Atlanta Deal Sheet: Sounds Like Bose Is Searching For A Midtown Office
The latest national company looking to move into Metro Atlanta is going to sound great to landlords.
Audio-equipment maker Bose Corp. is in the market for 30K SF to 40K SF, focused mainly on the Midtown market, for a new Atlanta office that could house at least 200 jobs, a source familiar with the search told Bisnow.
Bose is focused on a shortlist of locations, including sublease space at NCR’s unused second headquarters tower and the high-tech office tower Coda, and it is looking to open a new office by year’s end, the source said.
Newmark associate Preston Sanders is representing Bose but declined to comment on the search. A Bose spokesperson didn't return calls seeking comment, but the manufacturer is advertising a number of jobs in Atlanta on its website.
A new Bose regional office would be a welcome development for the Atlanta office market, which is experiencing a leasing slowdown and record levels of sublease availability. More than 32% of Atlanta office space was either directly available or on the sublease market at the end of last year, according to Avison Young.
LEASES
Online fantasy sports platform PrizePicks inked a 33K SF lease for a new headquarters at the Star Metals Office building, where it will expand from its Midtown Promenade Tower office, the Atlanta Business Chronicle reported. Bisnow reported last year on PrizePicks’ search for a larger headquarters.
Scotland Wright Associates CEO Michael Tucker, principal Mike Davis and Senior Managing Director Brian Boyd represented PrizePicks, and JLL Executive Managing Director Jeff Bellamy and Senior Managing Director Brooke Dewey represented the landlord, the Allen Morris Co.
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Haute eyeglass-maker Warby Parker signed a 1,500 SF lease at The Shoppes at Webb Gin in Snellville for a new retail location, its seventh in Metro Atlanta. The 330K SF lifestyle center at 1350 Scenic Highway S. is owned by Continental Realty Corp.
CRC senior leasing associate Monica Johnson and Leasing Manager Kelsi Holman represented the landlord, while Open Realty Advisors strategic advisor Wilson Vick represented Warby Parker.
FINANCING
Fresh from securing a renewal with its largest tenant at Wildwood Center, the Troesh Family Foundation refinanced the 11-story, 693K SF office complex in Cobb County with a $65M loan from Franklin BSP Realty Trust, the ABC reported. The new loan matures in March 2029.
Manhattan Associates renewed its 209K SF lease at Wildwood Center late last year. The property's previous $64.3M CMBS loan was set to expire in December and had been put on a watch list, the ABC previously reported.
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Commercial mortgage banking firm Gantry secured a $9.5M, five-year, fixed-rate loan for two Macon-area self-storage facilities. The facilities, under the Store Here brand, are at 2432 Riverside Drive and 4924 Mercer University Drive. California-based RHW Capital Management Group owns the facilities, and Alliant Credit Union provided the new loan, according to the database Reonomy.
Gantry's Amit Tyaagi, Andy Bratt and Sean Kuang helped RHW obtain the refinancing.
DEVELOPMENT
The Atlanta BeltLine Inc. and Invest Atlanta have entered contract negotiations with Urban Oasis Development and Culdesac Inc. for the revitalization of Murphy Crossing. The developers plan to add mixed-income housing and retail, among other uses, to the 20-acre site at 1050 Murphy Ave., adjacent to the BeltLine’s Westside Trail and close to Oakland City and the West End MARTA stations.
Invest Atlanta approved the partnership’s selection at its Thursday meeting, allowing the Atlanta BeltLine to enter into contract talks.
The redevelopment is expected to include 1,100 new housing units, with 30% of them designated for renters earning between 60% and 80% of the area median income and locked at those rents for 30 years.
ASSIGNMENTS
The Simpson Organization has tapped Colliers' Deming Fish and Emily Richardson to market Sugarloaf I, a 90K SF, single-story office building that is part of a five-building office campus at 6700 Sugarloaf Parkway in Duluth. The property is just north of the Gas South District Arena and Convention Center, which is nearing a major redevelopment. It is 100% vacant.
