Atlanta-based TPA Group has sold its Edison Windward creative office development in Alpharetta, Ga., for an undisclosed amount. Invesco Real Estate acquired the 216,000-square-foot property in the Atlanta submarket on behalf of one of its separate account clients.
Built between 2018 and 2019, the property has two two-story office buildings anchored by a shared amenity and community building with a café, lounge, fitness center and meeting space. The office buildings have open floorplates with industrial-size windows. The campus has above-market parking ratios, abundant greenspace and outdoor work areas. Located on Windward Parkway, Edison Windward has easy access to GA 400, as well as neighborhood amenities and executive housing.
Although constructed as speculative developments, the buildings were both leased up prior to completion, according to Invesco. The investment management firm noted the asset is currently 66 percent occupied by E-Trade and 3M Health Systems and will be 97 percent occupied after Owens & Minor, a health-care logistics company, completes its build-out and moves in. Tom Shafer, vice chairman with CBRE, said in prepared remarks that Edison Windward saw the fastest spec lease-up in Alpharetta’s history.
Britton Wells, director of transactions at Invesco Real Estate, said in a prepared statement their client was attracted to Edison Windward because of its innovative design, adding it will help tenants attract and retain talent. He noted few sites in the area have the acreage to replicate the development’s parking and common-area amenities. Wells described Edison Windward as “an appropriate addition” to their client’s diversified portfolio.
Alpharetta is growing in popularity for both businesses and residents. It is home to more than 700 technology companies, the popular Avalon mixed-use project that has 400,000 square feet of retail and 800 residential units, and offers businesses a plentiful and educated workforce.
Extending the Edison brand
TPA Group, a private real estate investment, acquisition and development firm, has acquired, developed and sold more than 35 million square feet of space valued at more than $15 billion. Among the firm’s developments is The Edison Pembroke Pines in Pembroke Pines, Fla., which has a creative office design similar to Edison Windward, with two office buildings and a shared amenity building. In April 2019, Aquila Software agreed to lease 28,890 square feet at the 330,000-square-foot Class A project in a deal arranged by Avison Young. Two years earlier, TPA Group had retained Avison Young as the exclusive leasing team for The Edison Pembroke Pines. TPA Group is also using the creative office concept for its Edison Lake Mary project in Lake Mary, Fla. Phase 1 was completed in 2018 and is fully leased to Finastra, a financial technology company. Phase 2 is scheduled to be completed this year, according to the TPA Group website.