(ATLANTA) – Hines, the international real estate firm, and Invesco Real Estate, a global real estate investment manager, today announced a joint venture on behalf of one of Invesco Real Estate’s institutional clients to develop two progressive office projects in Atlanta totalling 700,000 square feet. T3 West Midtown will be a 200,000-square-foot heavy timber office development and Atlantic Yards will consist of 500,000 square feet of progressive office space in two buildings. Both projects are located on sites within Atlantic Station in the flourishing Midtown submarket.
Hines will work with Hartshorne Plunkard Architecture (HPA) as the design architect for both T3 West Midtown and Atlantic Yards. DLR Group will be the architect of record for T3 West Midtown, and Wakefield Beasley & Associates (WBA) will be the architect of record for Atlantic Yards. The teams will design highly differentiated product for the West Midtown market, which is in high demand by tenants seeking authentic, approachable, collaborative office space in a warehouse style without the challenges of adaptive reuse.
The projects will offer an exceptional depth and breadth of amenities including fitness, dining, roof-top terraces, bike storage and collaboration areas, in addition to the retail village of Atlantic Station.
“Midtown’s progressive office customers are anxious for fresh differentiated product that provides unique architecture with a balance of amenities and services connecting them to the 24-hour attributes of Atlanta’s urban core,” stated Hines Senior Managing Director John Heagy.
“Both properties will have frontage along 17th Street, the main thoroughfare into the West Midtown submarket best known for boutique lifestyle retail and popular restaurants” comments Sally Stocks, Invesco Real Estate senior director and portfolio manager. “The prime location within Atlantic Station provides excellent vehicular access as well as walkability to nearby shops and restaurants.”
Once the site of the old Atlantic Steel Mill and railroads, Atlantic Station today is a thriving, highly successful 138-acre mixed-use master development with retail, multifamily, hotel and office. Atlantic Station is directly north of Georgia Tech where tenants are looking to attract and retain knowledge workers with superior technical skills.
“Today’s top companies recognize that the most critical component to their success is their ability to attract talent,” said Hines Managing Director, Tori Kerr. “‘Location, location, location’ as the key driver to real estate decisions has been replaced with access to ‘talent, talent, talent’, and these projects are incredibly well-positioned to uniquely benefit tenants in that war for talent.”
With over 550,000 rentable square feet of retail, including over 20 restaurants, 1.5 million rentable square feet of premium office and 1,000 multifamily units within this development, Atlantic Station has become a premier destination location for office, retail and entertainment in the Southeast. Hines currently leases and manages the retail component.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 189 cities in 20 countries. Hines has approximately $96.5 billion of assets under management, including $48.5 billion for which Hines provides fiduciary investment management services, and $48 billion for which Hines provides third-party property-level services. The firm has 114 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,206 properties, totaling over 390 million square feet. The firm’s current property and asset management portfolio includes 533 properties, representing over 213 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world. Visit www.hines.com for more information.
Invesco is an independent investment management firm dedicated to delivering an investment experience that helps people get more out of life. NYSE: IVZ; www.invesco.com
About Invesco Real Estate
Invesco Real Estate is a global leader in the real estate investment management business with $66 billion in real estate assets under management, 451 employees and 21 regional offices across the U.S., Europe and Asia. The firm was established in 1983 and has been actively investing in core, value-add and opportunistic real estate strategies since 1992. Invesco Real Estate is a business name of Invesco Advisers, Inc. which is an indirect, wholly owned subsidiary of Invesco Ltd., (NYSE: IVZ), one of the largest investment management firms in the world with $834.8 billion in assets under management and on-the-ground presence in 29 cities worldwide. Information as of March 31, 2017.