{"id":1004201940,"date":"2018-01-01T18:58:36","date_gmt":"2018-01-02T02:58:36","guid":{"rendered":"https:\/\/www.commercialsearch.com\/news\/?p=1004201940"},"modified":"2022-12-09T02:22:30","modified_gmt":"2022-12-09T10:22:30","slug":"bridge-office-sells-460-ksf-metro-atlanta-complex","status":"publish","type":"post","link":"https:\/\/www.commercialsearch.com\/news\/bridge-office-sells-460-ksf-metro-atlanta-complex\/","title":{"rendered":"Bridge Office Sells 460 KSF Metro Atlanta Complex"},"content":{"rendered":"<p>By Barbra Murray<\/p>\n<p><a href=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/Parkway-Center.jpg\"><img loading=\"lazy\" decoding=\"async\" data-attachment-id=\"1004201943\" data-permalink=\"https:\/\/www.commercialsearch.com\/news\/bridge-office-sells-460-ksf-metro-atlanta-complex\/parkway-center\/\" data-orig-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/Parkway-Center.jpg\" data-orig-size=\"660,440\" data-comments-opened=\"0\" data-image-meta=\"{&quot;aperture&quot;:&quot;0&quot;,&quot;credit&quot;:&quot;&quot;,&quot;camera&quot;:&quot;&quot;,&quot;caption&quot;:&quot;&quot;,&quot;created_timestamp&quot;:&quot;0&quot;,&quot;copyright&quot;:&quot;&quot;,&quot;focal_length&quot;:&quot;0&quot;,&quot;iso&quot;:&quot;0&quot;,&quot;shutter_speed&quot;:&quot;0&quot;,&quot;title&quot;:&quot;&quot;,&quot;orientation&quot;:&quot;1&quot;}\" data-image-title=\"Parkway Center\" data-image-description=\"\" data-image-caption=\"\" data-large-file=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/Parkway-Center.jpg?w=660\" class=\"alignright size-medium wp-image-1004201943\" src=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/Parkway-Center.jpg\" alt=\"Parkway Center\" width=\"300\" height=\"200\" srcset=\"https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/Parkway-Center.jpg 660w, https:\/\/www.commercialsearch.com\/news\/wp-content\/uploads\/sites\/46\/2018\/01\/Parkway-Center.jpg?resize=300,200 300w\" sizes=\"auto, (max-width: 300px) 100vw, 300px\" \/><\/a>Three years after acquiring Parkway Center in Marietta, Ga., Bridge Office Fund Manager LLC has sold the 460,000-square-foot, Class A office complex. The Simpson Group is the new owner of the suburban Atlanta asset.<\/p>\n<p>Parkway Center comprises One and Two Parkway, which carry the respective addresses of 1850 and 1800 Parkway in metro Atlanta\u2019s Northwest submarket. The two 12-story towers were developed three years apart, with the second building reaching completion in 1988. Bridge Office had a vision for the property, and achieved it. Parkway Center was 54 percent leased when Bridge Office <a href=\"https:\/\/www.commercialsearch.com\/news\/one-and-two-parkway-center-under-new-ownership\/\">purchased it<\/a> from Atlanta Parkway Investment Group Inc. in 2014, and the company wasted precious little time commencing a repositioning program. It was a successful undertaking; today One Parkway Center has a vacancy rate of 4.1 percent, with Two Parkway Center at 0.8 percent, according to Yardi Matrix data.<\/p>\n<p><em>\u201cThe capital improvements and addition of best-in-class on-site amenities combined with an aggressive, hands-on leasing strategy have made Parkway Center a highly desirable and relevant location for employers in search of office space in the area,\u201d<\/em> Jeff Shaw, principal with Bridge Office Fund Manager LLC and CEO of Bridge Commercial Real Estate, said in a prepared statement.<\/p>\n<h2><strong>Sell some, buy more<\/strong><\/h2>\n<p>With Parkway Center stabilized, the timing was right for Bridge Office to sell; however, the company has been doing its share of buying, as well. Bridge Office focuses on value-add office properties in prime suburban markets, and many a property fit the bill over the last several months. During the third quarter alone, the company <a href=\"https:\/\/www.commercialsearch.com\/news\/bridge-acquires-59m-office-park-in-charlotte\/\">acquired<\/a> the 358,000-square-foot Harris Corners Corporate Park in Charlotte, N.C., for $58.5 million, and <a href=\"https:\/\/www.commercialsearch.com\/news\/bridge-lands-243-ksf-dallas-area-tower\/\">snapped up<\/a> the 243,100-square-foot Tower 1320 office building in Irving, Texas, for an undisclosed amount.<\/p>\n<p>As is Bridge Office\u2019s usual practice upon completing a value-add purchase, the company announced it would make substantial investments in improvements\u2014to the amenity base, in particular\u2014at both Harris Corners and Tower 1320.<\/p>\n","protected":false},"excerpt":{"rendered":"<p>The company sold Parkway Center to The Simpson Group after raising its lease level from 54 to 97 percent since acquiring the Marietta, Ga., asset in 2014.<\/p>\n","protected":false},"author":969,"featured_media":1004201943,"comment_status":"closed","ping_status":"closed","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_jetpack_memberships_contains_paid_content":false,"footnotes":""},"categories":[26282,1489,21783,21742,21747,32781],"tags":[],"class_list":["post-1004201940","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-cpe-daily-newsletter-article","category-atlanta","category-investment","category-latest","category-office","category-southeast"],"acf":[],"yoast_head":"<!-- This site is optimized with the Yoast SEO Premium plugin v23.4 (Yoast SEO v24.6) - 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