Transwestern Commercial Services is taking over property management for Georgia-Pacific Center, a 1.2 million-square-foot tower in downtown Atlanta, on behalf of its owner, Georgia-Pacific, less than two years after it secured leasing duties for the asset. The office building offers tenants countless amenities and walkability to restaurants, hotels, and entertainment.
Located at 133 Peachtree St., the building was completed in 1982 and boasts LEED Gold Certification. It is a member of the City of Atlanta’s Better Buildings Challenge and provides tenants with sustainability programs aimed at reducing waste and recycling.
“Georgia-Pacific Center is an iconic Class A office building situated in the heart of Downtown Atlanta,” Sara Maffey, managing director of placemaking at TCS, told Commercial Property Executive. “The property’s highly-sought-after Peachtree Road address, top in class on-site amenities, and views overlooking Atlanta’s skyline make Georgia-Pacific Center a unique office experience.” According to Maffey, the team’s goals for Georgia-Pacific Center include a streamlining of its operations, maximization of tenant satisfaction and increase of NOI in collaboration with the leasing team.
By overseeing both leasing and property management, TCS will fully implement its innovative placemaking-driven asset strategy at Georgia-Pacific Center, creating a curated ecosystem of tenants while executing cohesive tenant experience programming on behalf of building owner Georgia-Pacific LLC.
Georgia-Pacific Center is near many of Atlanta’s most popular attractions, including Centennial Olympic Park, America’s Mart and Philip’s Arena. The Peachtree Center MARTA transit station is directly across the street and offers access to Atlanta’s new Streetcar. The property is also within minutes from the downtown connector providing quick access to interstates 85 and 75.
TCS data shows that in recent quarters, the downtown Atlanta office submarket has seen rising demand, and in first quarter 2019, the area posted the highest level of absorption among all Atlanta submarkets—at 125,000 square feet.
“Following 250,000 square feet of annual net absorption in 2018, first quarter’s figure puts downtown in excellent position to exceed last year’s demand in 2019,” Maffey said. “This rising demand puts downtown vacancy at 14 percent as of first quarter after a few years of vacancy hovering between 16 percent and 18 percent.”