This Week's Atlanta Deal Sheet: IT Firm Buying Central Perimeter Building For New HQ
A Duluth-based information technology firm has taken advantage of low prices for office buildings and bought its next corporate home in Central Perimeter.
Innova Solutions purchased 1455 Lincoln Parkway, a 187K SF office building just off Interstate 285 and east of Perimeter Square mall, from Parmenter Realty Partners for an undisclosed sum. Innova plans to move its headquarters from 2400 Meadowbrook Parkway in Duluth.
CBRE Executive Vice President Jay O’Meara and First Vice Presidents Nima Ghomghani and Paul Holmes brokered the transaction.
Parmenter purchased 1455 Lincoln in 2015 for $22M, according to DeKalb County property records. The county valued the building and property at $31.5M in 2023.
Innova, which was founded in 1998, employs more than 50,000 people worldwide with an annual revenue of nearly $3B, according to a press release. The IT firm employs 300 people in Metro Atlanta and plans to occupy 50K SF, the top two floors of 1455 Lincoln, while leasing the remainder of the eight-story office building.
SALES
The Orden Co. purchased North Gate Buildings 1, 2 and 3, a newly delivered warehouse complex totaling more than 850K SF in Savannah, from Greenland Developers for an undisclosed sum.
JLL Senior Managing Directors Britton Burdette, Dennis Mitchell, Matt Wirth and John Huguenard, as well as Directors Jim Freeman and Mitchell Townsend, brokered the transaction.
LEASES
The Atlanta Police Department renewed a 26K SF lease at 1630 Metropolitan Parkway for one year with its landlord, the University System of Georgia Board of Regents, the Atlanta Business Chronicle reported. The facility has served as APD’s training facility since 2021 and rents for $27K per month, the ABC reported. The Atlanta City Council approved the renewal on Jan. 8.
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A retail concept akin to a theme park for dogs, called Skiptown, has leased 200 Arizona Ave., a circa-1955, 25K SF commercial building in Edgewood, Urbanize Atlanta reported. The landlord, Marietta-based Rise Property Group, plans to refurbish the property into a mixed-use destination, Urbanize reported.
PERSONNEL
Amber Hamilton has been named chief talent officer for architecture firm Perkins&Will, tasked with recruitment, retention, leadership coaching and performance management. Hamilton is replacing Meg Brown, who is retiring after 20 years with the firm.
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Multifamily developer Brook Farm Group hired Matt Cotton as vice president of land acquisition in its Atlanta office. Cotton will spearhead Brook Farm’s acquisition strategy to buy sites for apartment communities in the Southeast.
Prior to Brook Farm, Cotton was director of site selection for Trilogy Residences in Alpharetta and a real estate development manager for Circle K.
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Veteran community improvement district and real estate consultant Malaika Rivers has established her own firm. Rivers, who most recently was a partner at Lexicon Strategies, has opened Pontem Resources, a consulting firm that aims to assist commercial real estate developers, sports organizations, CIDs and governmental entities in economic and commercial development projects.
Rivers previously was executive director of the Chamblee Doraville CID and the Cumberland CID.
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Hunter Hotel Advisors has established a capital markets group and hired Charlie Ryan as senior vice president to spearhead the effort, overseeing debt and capital markets activities of the hospitality brokerage firm across the U.S. Ryan most recently was head of debt and capital markets for Sonder.
