After letting go of One Alliance amidst the recession, Tishman Speyer is looking to establish a presence in Alliance Center once again. Last week, the firm filed plans with the city for Three Alliance, which has been in talks for years. The building would become the third and final building in the complex, joining One and Two Alliance (both owned by Highwoods Properties). If all goes according to plan, Tishman Speyer could break ground on the building by the end of the year, making it Atlanta’s first new tower since 2008.
Initial plans released by the firm expect the project to cost upwards of $160 million, and it could collect almost $40 PSF once completed. With office tenants shopping for more than 2 million square feet in the Atlanta market in 2014, Tishman Speyer is counting on this trend to continue. Tishman Speyer is also counting on the “walkability” aspect of Buckhead to continue to improve, as this is becoming a major draw for Millennials and those who are looking to work and live in-town. Projects like Buckhead Atlanta and Beltline improvements are expected to increase the popularity of the submarket even more in coming years.Share