LOS ANGELES – January 4, 2018 – The CBRE Strategic Partners U.S. Value 8 fund has acquired Concourse Creative Campus, a 751,093 square foot office complex that consists of two eight-story office buildings, one four-story office building, three parking structures and a 5-acre vacant land parcel in Atlanta. The property is 88 percent leased.
The Concourse Creative Campus is located at One, Two and Four Concourse Parkway NE within the Concourse Office Park, generally considered to be the most recognizable master-planned business park in Atlanta’s Central Perimeter submarket. The “urban suburban” campus has dedicated shuttle service to the two MARTA stations in the Central Perimeter, an onsite conference facility and café, and is adjacent to a newly renovated Westin Hotel, the Concourse Athletic Club and a freestanding childcare facility. A pending major overhaul of the adjacent I-285/SR400 interchange will improve visibility and accessibility and shorten travel times to and from the area.
The recently renovated buildings offer efficient and desirable floorplates ranging from 37,000 to 41,000 square feet, which are conducive to open office configurations and, along with the amenity-rich location, are expected to attract both larger and smaller tenants. Planned capital projects to fully modernize the buildings include the addition of CBRE Global Investors’ 5-Star Worldwide Center, HVAC upgrades, exterior repairs and common area renovations. The team will seek LEED certification for the property.
The land parcel is currently zoned to allow mixed-use development with a minimum building height of six stories and a maximum of 20 stories. Flexible development criteria coupled with a “blue-chip” location make this a desirable piece of land.
Until now, the Concourse Creative Campus has had the same ownership as the overall park, and the emphasis had been placed on the tower buildings within in the park. With new, separate ownership focused solely on the low-rise buildings, a reposition/rebranding opportunity exists.
A top five market for rent growth, Atlanta is a focus market for the fund.
“The Atlanta office market is the largest in the Southeastern United States, and absorption is expected to remain strong despite increased supply,” said Robert Perry, Portfolio Manager for the Strategic Partners U.S. Value 8 fund. “State tax incentives, a large talent pool, central location in the Southeast, and a vast transportation network will continue to support corporate expansions and relocations there. With the recent corporate in-migration plus much improved access and public transit, we think the Central Perimeter submarket is a good location that is getting better.”
About CBRE Global Investors
CBRE Global Investors is a global real asset investment management firm with $98.3 billion in assets under management* as of September 30, 2017.
CBRE Global Investors is an independently operated affiliate of CBRE Group, Inc. (NYSE:CBG). It harnesses the research, investment sourcing and other resources of the world’s premier, full-service commercial real estate services and investment company for the benefit of its investors. CBRE Group, Inc. has more than 75,000 employees in approximately 450 offices (excluding affiliates) worldwide. For more information about CBRE Global Investors, please visit www.cbreglobalinvestors.com.
*Assets under management (AUM) refers to the fair market value of real asset-related investments with respect to which CBRE Global Investors provides, on a global basis, oversight, investment management services and other advice and which generally consist of investments in real assets; equity in funds and joint ventures; securities portfolios; operating companies and real asset-related loans. This AUM is intended principally to reflect the extent of CBRE Global Investors’ presence in the global real asset market, and its calculation of AUM may differ from the calculations of other asset managers.