This Week's Atlanta Deal Sheet: WeWork Leaves 725 Ponce, Maintains 6 Atlanta Locations
At the end of it all, WeWork will have six Atlanta locations.
The coworking giant, which is attempting to reemerge from Chapter 11 bankruptcy, has completed lease negotiations for locations at Terminus 100, Coda, Colony Square, 1155 Perimeter Center West and 881 Peachtree St., and it has an agreement in principle to maintain its location at 120 West Trinity Place in Decatur. Bisnow previously reported that the landlord for 120 West Trinity and Terminus, Cousins Properties, renegotiated its leases with WeWork, cutting the rent and total square footage by 26K SF each.
WeWork is giving up on its 45K SF space at 725 Ponce in West Midtown, a company spokesperson told Bisnow. Members at that location are being transitioned to a new unspecified location.
Cousins Properties Vice President Richard Hickson previously said he expected that WeWork was going to reject the lease at 725 Ponce, and that the landlord had “strong demand from multiple different office users” for the space.
The finalized leases in Metro Atlanta come as WeWork is on track to emerge from bankruptcy with commercial real estate software management maker Yardi Systems as its majority owner. And the new Atlanta footprint is a far cry from its heyday over the past few years when the coworking operator ran 10 locations, including at The Interlock, 6655 Town Square, Tower Place in Buckhead and The Boundary.
LEASING
A celebrity-backed spa is coming to Atlanta at an Alpharetta shopping center.
SEV inked a deal for a 1,500 SF laser hair removal and high-tech spa at the StoneWalk shopping center at 970 North Point Drive, the company said in an email. It’s part of an effort to open 50 SEV locations in the U.S. by the end of the year.
This is the second Georgia location for SEV, which has been endorsed by Eva Longoria, Chrissy Teigen and members of the Kardashian-Jenner family.
DEVELOPMENT
Coworking operator Roam, co-founded by former Chick-fil-A marketing executive David Salyers and former Day Hospitality Group CEO Peyton Day, is developing a ninth location in Peachtree Corners.
In partnership with New Urban Development Corp., Roam is building a four-story, 35K SF facility building at the Peachtree Corners Town Center mixed-use project. The freestanding location will feature 13 meeting spaces, a podcast room, 80 private offices, a rooftop event space, a Sequel Coffee Co. location and a cafe. The project is set to open next summer.
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SHR Resi, a subsidiary of Atlanta-based Songy Highroads, has delivered The Howell, a 212-unit Class-A apartment complex off Howell Mill Road and Interstate 75 in the Upper Westside. Gables Residential has been tapped to lease and manage the property.
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Alliance Residential Co. has opened Prose LaGrange, a 315-unit Class-A apartment community at 1900 Vernon St., some 70 miles north of Atlanta. It’s the developer’s fifth Prose project, including Prose Columbus and Prose Cartersville.
PERSONNEL
Carter King has joined Newmark as executive managing director for its multifamily capital markets group, expanding the firm’s Fannie Mae and Freddie Mac and market-rate lending business in the Southeast.
Previously King led a team at Greystone, where he helped to originate $500M in debt.
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Athens-based student housing developer Landmark Properties tapped Max LaVictoire as managing director of investor relations, tasked with handling relations with the firm’s investors and overseeing the development of new investment vehicles.
Prior to Landmark, LaVictoire was principal and head of GP advisory services at Hodes Weill & Associates in New York, where he helped clients raise more than $6B in capital.
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Hospitality Ventures Management Group tapped Linda Philp as the company’s chief financial officer and senior vice president. Philp most recently was CFO of Universal Turbine Parts and was also formerly CFO at Lodgian Inc. and The Krystal Co.
FINANCING
The Benoit Group obtained construction and permanent financing for its $72M Englewood Senior housing project in Downtown Atlanta. Berkadia Managing Director Carolyn Whatley and Director Angela Folkers helped Benoit get the Department of Housing and Urban Development loan that matures in 40 years and involves Low-Income Housing Tax Credits and other municipal financings.
