By Timea Papp
Kramer Real Estate Investments acquired the W.D. Grant Building, a 135,000-square-foot office property in downtown Atlanta, listed on the National Register of Historic Places. The new ownership selected JLL to handle the leasing, management and restoration of the building.
The Denver-based company purchased the asset in a joint venture partnership with H2 Capital in a $7.9 million deal, public records show. An entity affiliated with Ready Capital Structured Finance facilitated the transaction through $10.4 million in acquisition financing set to mature in October 2020.
Located at 44 Broad St. NW in the city’s Fairlie-Poplar Historic District, the 10-story building was completed in 1898 and is the second oldest steel construction structure in the southeast. The new owners plan to invest into an extensive modernization program that will include restoring the elevators, roof, fire protection and building safety systems, installing new lighting, paint and other cosmetic improvements.
JLL Atlanta Vice President Mike Werner and Leasing Associate David Horne are marketing and leasing the office space and Vice President Coleman Morris is leasing the retail space. JLL’s Project and Development Services group is overseeing the multi-million-dollar renovation. The Grant Building has substantial office space available, including large and small spaces and a 30,000-square-foot block on the top two floors. Additionally, the property features approximately 10,000 square feet of retail and restaurant space.
“Downtown Atlanta is undergoing a real estate boom and turning into a diverse and vibrant economic hub,” said Brandon Kramer, owner of Kramer Real Estate Investments, in a prepared statement. “We are glad to be a part of the transformation and look forward to returning the Grant Building to its original prominence with JLL’s help.”
The property is close to Georgia State University’s growing campus and Underground Atlanta, which recently sold and will be redeveloped into a live-work-shop community. The building’s proximity to the Fulton County Courthouse is ideal for law firms and service firms. JLL is targeting tenants seeking an urban, authentic environment in a historic setting.
Image courtesy of Yardi Matrix