For more than a year, we have been reported that the Central Perimeter submarket, currently one of the hottest in Atlanta, is running out of office space. 2012 was the turning point for the once stagnant submarket; State Farm, Elavon, AirWatch, and Old Castle all took hundreds of thousands of square feet of vacant space off the market. 2013 was all about State Farm as they continued signing leases for hundreds of square feet, buying undeveloped parcels of land, and entire office complexes. It looked as though 2014 was going to revolve around State Farm as well, as the insurance giant is breaking ground on their new 2 million + SF complex near the Dunwoody MARTA station.
Now, however, it looks as though they will have to share the spotlight with a JV formed by Cousins and Ackerman & Co. The team hopes to capitalize on the amount of planned corporate relocations to Atlanta and deliver a mixed-use project at Georgia 400 and Abernathy Rd in Sandy Springs, a parcel which Ackerman & Co. has controlled for more than 10 years. Sources from the JV says that the with more MARTA stops than Midtown and Buckhead and the amount of growth since the recession, Central Perimeter market is “ground zero” for new development.
While very few details about the mixed-use project have been revealed, sources have confirmed that the site would include a 400-room hotel and as much as 30,000 SF of retail space in addition to the 30-story office building. Most speculate that the development team is targeting IHG, who has been shopping around the Atlanta market for 400,000 SF of space for the past year. But even if IHG decides to go with another option, like the still-struggling BOA Plaza in Midtown, there are other anchor-tenant choices for this development. AirWatch LLC will likely expand on the heels of their recent acquisition and Duluth-based NCR has been considering a major move in recent months.Share