By Keith Loria, Contributing Editor
Hines has acquired a vacant lot in Atlanta’s Atlantic Station from CBRE Global Investors with plans to develop an approximately 200,000-square-foot, multi-tenant, Class A creative office building.
“Hines has always tried to be leader in the commercial real estate industries with our development products—this new ‘creative’ product is an excellent example,” John Heagy, Hines senior managing director, told Commercial Property Executive. “We are able to leverage all of the ‘walkable’ amenities (retail shopping, food and beverage, hospitality, residential, etc.) located within Atlantic Station, literally across the street from this great site.”
The building’s concept will provide a progressive, creative and amenitized office environment that will allow tenants to achieve their densification objectives in a manner that is responsive to, and respectful of, their employees. Features include bicycle lockers, a rooftop patio, collaborative lobby space and oversized, industrial-inspired windows, which will provide spectacular downtown views.
According to Heagy, the company was attracted to the significantly declining office vacancies in the Metro market as a whole and a developing interest among office customers for differentiated “creative” office space.
“Progressive tenants are seeking vibrant, authentic locations to recruit, attract and retain employees needed for their businesses,” Heagy added. “These tenants want lifestyle attributes that will allow their employees to live, work, and thrive in the neighborhood, and this project will allow them to do so.”
Atlantic Station began to open in 2003 and now encompasses 138 acres near the I-75/I-85 intersection north of downtown Atlanta. The mixed-use, master-planned development won the 2004 Phoenix Award for brownfield redevelopment from the National Brownfields Conference, whose sponsors include the U.S. Environmental Protection Agency.
Technology companies in particular are rapidly migrating to Atlantic Station as the area is increasingly gaining a reputation as the epicenter of technology and creative business in Atlanta.
“The surrounding neighborhood is the real draw—our office customers will have the convenience of walkable amenities along with excellent connectivity to Atlanta’s MARTA rapid rail service,” Heagy concluded.
Construction is scheduled to begin in the first quarter of 2016 with project completion planned for the second quarter of 2017.