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January 10, 2011 
Flatiron For Sale

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A historic Atlanta office landmark is for sale.
Flatiron building atlanta tim holdroyd city realty jim cummings
The Flatiron Building, the 41K SF pie-slice shaped office building at 84 Peachtree St, has been listed by its owner, James Cumming and Historic Urban Equities, which has held it since 1978. Long-time downtown realtor Tim Holdroyd with City Realty has been tapped to list the 11-story building. “We believe that the Flatiron Building will sell to a single user who is 30K SF or greater,” Tim tells us. “It's a stunning building, and it could be the brand of a company.” It's being listed for “under $4 million.” With SBA financing, Tim says a user could own the building for an equivalent of under $15/SF gross rent.
Laura King Tim Holdroyd City Realty West Atlanta
We spent time with Tim and his partner Laura King at their West Atlanta office, discussing the changes he's seen in the market over his more than 30-year career. Tim says prices today on land in the CBD are getting to the point to where “they make practical sense for new development.” So . . . what's the next development? Tim thinks we'll see a "new residential high-rise development in Midtown as early as 2011.” This is driven by a lack of rental units in the submarket coupled with the continued trend of young professionals wanting to live in town: “And I think Midtown and Midtown West are going to be the big beneficiaries because the density created during the last decade has given critical mass to these markets.”

Mike McQuarey Wheego Electric Cars lithium battery Jim Ellis

A homemade electric car—developed by a homemade entrepreneur— will be hitting stores in Atlanta this month. Last week, while out minding our own business covering real estate stories, we ran into Earthlink (formerly Mindspring) co-founder Mike McQuary, who showed us the prototype of the new Wheego car that the EPA just approved for sale. Mike is now CEO of Wheego Electric Cars Inc, the latest to enter the all-electric car fray.The car is a lithium-battery powered vehicle and reaches top speeds of 70 MPH and will be listed at $32,995 fully loaded. He has a network of dealerships nationwide which will carry the car, including Jim Ellis in Atlanta.

Berkley Specialty Underwriting Two Ravinia Dale Lewis Carter
A property insurance company is making a move in Central Perimeter. To a building next door. Berkley Specialty Underwriting Managers inked a deal for more than 7,000 SF at Two Ravinia Drive, moving from Three Ravinia Drive. Carter's Dale Lewis brokered the deal for Berkley, and CBRE's Jeff Keppen brokered the deal for the landlord, Eola Capital. (For the short move, rather than a U-Haul, might we recommend a slip 'n slide?)

1760 Peachtree Southern Living ChristChurch Presbyterian Dean McNaughton Cushman & Wakefield
We said our prayers and got this shot from Peachtree Road of 1760 Peachtree, the former home of Southern Living magazine. This 15K SF building was purchased recently by the ChristChurch Presbyterian for its offices, says Dean McNaughton with Cushman & Wakefield, who brokered the deal for the seller, Time Warner. The church purchased the building for $2.7M, Dean tells us.
Anyone make a snow sculpture of an Atlanta real estate landmark? Send those snow pics to Jarred@Bisnow.com
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