Fairlead Buys Last Embassy Row Building
Jeff Shaw now has all his ducks in a row on Embassy Row.
Fairlead Capital's head honcho has secured the final Embassy Row office building after amassing the collection last year. Fairlead purchased Building 100, the 115k SF office building entirely leased to Art Institute of Atlanta, which has a long-term lease. Fairlead paid $20M for the property from ARES, according to Databank.
This gives Fairlead a block of office in what is arguably one of the tightest markets in Atlanta. It also solidifies the firm's hold over Embassy Row, a five-building project with more than 665,800 SF in Central Perimeter with a roster of notable companies, including CH2MHill, Ceridian and American InterContinential University. It purchased more than 550k SF last year—the bulk of Embassy Row—from ARES for nearly $80M, according to Databank. After a $15M capital improvement project, Jeff says they pushed occupancy above 80% from a mid-70% range.
The purchase also gives something to Zoo Atlanta. Inside the Embassy Row buildings were teak pillars carved in a Polynesian theme. That was just something Fairlead didn't want anymore in its renovation. So, Jeff says, the firm donated them to the zoo to be used in its expansion.
