Spear Street Lands $72M Refi for Atlanta Office

Spear Street Capital has secured a $72.3 million refinancing loan for Summit Two, a 413,020-square-foot, Class A office building in Atlanta, part of the Perimeter Summit Office Park.

RBC Capital Markets issued the five-year note, in a deal arranged by JLL on behalf of the ownership.

Summit Two was previously subject to a five-year $53 million loan issued by PNC Bank in 2017, according to CommercialEdge information. The property has been under Spear State Capital’s ownership since 2022, when the company acquired the asset from State Street in a $248 million portfolio transaction that also included Summit One and Four. Summit Three remains under Wells Fargo Bank’s ownership, the same source shows.

Atlanta’s full-service equivalent listing rates averaged $33.36 per square foot in April—in line with the national figure of $33.34—reflecting a 5.3 percent increase year-over-year, according to the latest CommercialEdge office report. The vacancy rate in the metro clocked in at 20.3 percent, up 190 basis points over a 12-month period.

Summit Two, up close

Completed in 2002, the 18-story Summit Two features 25,000-square-foot floorplates, eight passenger elevators, 1,682 car parking spaces and 2,700 ground-floor retail space.

The property’s tenant roster includes Aprio, Beazer Homes, Zaxby’s and American International Group. The latter occupies nearly 180,000 square feet at the property, CommercialEdge shows. The office building was 81 percent leased at the time of the transaction.

Located at 1001-4004 Summit Blvd. NE, the 83-acre Perimeter Summit Office Park consists of four office properties totaling 1.7 million square feet, residential buildings and the 183-key Hyatt Regency Hotel & Conference Center. Shared amenities at the campus include four indoor and outdoor fitness facilities, two coffee shops and covered parking.

The property is just off Interstate 285, adjacent to Atlanta’s Pill Hill. The 1.5 million-square-foot Perimeter Mall and the Dunwoody Marta Rail Station are across the road, along with several eateries and other retail options. Downtown Atlanta is some 15 miles south.

JLL Capital Markets Managing Director C.J. Kelly and Director Hunter Goldberg represented Spear Street Capital in the deal with RBC Capital Markets.