GRANITE HUNGRY FOR OFFICES
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|Fresh from a string of renovations at 2500 Cumberland, Granite Properties will continue to pursue new office acquisitions in Atlanta. We spoke with Granite?s John Robbins (here presenting a volunteerism award to CoStar's Debra Isgro during last week?s NAIOP awards) about the firm's designs on Atlanta. ?Our goal long term is to have 3M SF to 5M SF of office space here,? John says; the firm now only tallies 700k SF. ?And we have the capital to do it.? He declined to say what buildings the firm is pursuing.|
|In the meantime, the firm renovated 2500 Cumberland, spending $500k on a new lobby (above), new vestibule to ?signal the front door of the building,? and other aesthetics. Granite rebought the building out of foreclosure for little more than $10M last year. And it will spend another $300k next year to up the quality. John says during the previous ownership ?it really turned into a B-type building, and we knew it had great bones to it.? Granite and Pope & Land owned the 144k SF building 10 years ago. John says the renovations are needed to help propel occupancy from 55%, with an aggressive marketing campaign beginning next year. (Could that mean a Super Bowl commercial?)|