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Real Estate Bisnow
   
January 2, 2012 
 
 
Wells Bells

 
Take a giant insurance company, fit it neatly into a couple of Central Perimeter office buildings as the sole tenant, and what do you get? A couple of buildings Wells REIT wanted to buy before the clock struck 2013.
 
64 66 perimeter center east state farm rubenstein partners wells reit
While everyone was celebrating New Year’s, we confirmed that Wells REIT purchased 64 and 66 Perimeter Center East, two buildings that are home to State Farm. (It wasn't enough to have State Farm as a "good neighbor"—they needed to be their landlord.) The company is moving into more than 400k SF, and adding 500 jobs, for its back office operations. Rubenstein Partners’ David Canaday confirmed the firm sold off the two buildings (totaling more than 550k SF) for an undisclosed sum to Wells on Dec. 28. A spokesperson for Wells says the REIT will file further info on the transaction with the SEC by tomorrow, earliest.
 
PM Realty (Piedmont14-3)
rubenstein partners david canaday john heagy hines interests bisnow central perimeter 2011
What next for Rubenstein? It's sold these two buildings, and lost The Terraces as we reported here, so the only significant Georgia holding left is Sterling Pointe. We asked David (right, with Hines’ John Heagy) if Rubenstein has lost its appetite on Atlanta office. No way. “We’re looking for new investments in Atlanta,” David says. “It was simply determined this was a proper time to exit [64 and 66 PCE].” David says Rubenstein is on the hunt for office buys, with its focus in Midtown, Buckhead, Central Perimeter, and the Northwest submarkets.

WHAT'S NEXT FOR OFFICE DEVELOPMENT?
 
Atlanta 2013 real estate economic forecast grand hyatt buckhead north american properties mark toro john heagy hines interets cohnreznick wes hudson peachtree hotel group jatin desai childress klein gordon buchmiller
In some last words from our Atlanta 2013 Real Estate & Economic Forecast at the Grand Hyatt in Buckhead, we had lively discussions on how office developments will differ going forward. (We're hoping all office fantasy football pools will take place in actual office swimming pools.) Hines Interests’ John Heagy (second from left with North American Properties' Mark Toro, CohnReznick's Wes Hudson, Peachtree Hotel Group's Jatin Desai, and Childress Klein’s Gordon Buchmiller) says office developers will have to focus on an “urban demographic” going forward, particularly when it comes to mass transit.
atlanta 2013 economic real estate forecast grand hyatt buckhead mark toro north american proeprties walkability
“Our kids are driving the next wave in commercial real estate,” Mark said, adding that generation prefers a non-automotive environment. He says North American consults the website Walkscore.com “when we scout an intersection for a ground-up development or a redevelopment.” And a walkable environment is what North American is attempting to create with the Avalon mixed-use project in Alpharetta, “much like Cabbagetown or… Atlantic Station,” he says.

SUBLEASE SUCCESS
 
glassratner sublease trimont monarch tower buckhead transwestern greg baxendale jeremy adams newmark grubb knight frank dave curry
Transwestern’s Greg Baxendale was behind an “opportunity unavailable anywhere else in the market,” if he might say so himself. He helped GlassRatner Advisory & Capital Group ink a 13k SF sublease at Monarch Tower, in a space formerly used by TriMont Real Estate Advisors. “Rather than chasing a direct lease, our client secured favorable lease terms well below the fundamentals typical to the Buckhead market, while upgrading its space and granting future flexibility.” The company will move from Lenox Overlook later this month. Transwestern’s Jeremy Adams assisted on the lease; Newmark Grubb Knight Frank’s Dave Curry repped the landlord.

Upcoming Bisnow Events!
 
Thursday, Jan. 31, 7am-10am. Bisnow's Atlanta Construction and Development Summit. Hear the experts break down the various neighborhoods poised for growth and discuss what it takes to get a new project off the ground. Register here.
 
Well, we all survived the Mayan apocalypse. Happy New Year! Send your news to Jarred@Bisnow.com.
 
 
 
 
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