This Week's Atlanta Deal Sheet: JPMorgan Expands In Buckhead
A global investment banking firm is expanding by two floors in a prime Buckhead tower.
JPMorgan Chase & Co. inked a lease to expand by 40K SF at Monarch Tower, a 26-story office building at 3424 Peachtree Road in Buckhead owned by Highwoods Properties, sources familiar with the transaction tell Bisnow.
JPMorgan, the world's largest bank, filed an application Feb. 13 for interior work on the 11th floor of the tower under the project name JPMC Monarch Tower Global Tech Expansion. The new deal expands on JPMorgan’s existing 93K SF footprint at the 573K SF tower, where it consolidated its Atlanta offices back in 2014.
Officials with Highwoods declined to comment and Josh Hirsh, executive managing director of JLL in Atlanta who represented JPMorgan, didn't return calls seeking comment.
According to the application, the $4.5M renovation will include the construction of new offices, meeting rooms, a break room and open office areas with workstations.
LEASES
Disposable cup and container maker WinCup has signed a 20K SF lease at 55 Allen Plaza in Downtown Atlanta.
It is unclear if WinCup plans to move from its current headquarters, at 4640 Lewis Road in Stone Mountain, into the 14-story tower that overlooks the Interstate 75/85 interchange through the city.
Lee & Associates principal Tim Palmer represented the tenant in the transaction. Lincoln Property Company Southeast Senior Vice Presidents Hunter Henritze and Michael Howell and Vice President Caroline Fisher represented the landlord Lone Star Funds.
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Atlanta chef Bella Jones leased nearly 3K SF at 231 Mitchell St., as well as a 2,800 SF terrace, for a new restaurant concept called Liz & Leon’s. The building is part of Newport RE’s South Downtown redevelopment along the historic Hotel Row.
Liz & Leon’s is described as an upscale soul food restaurant, which will also include a secret bar called Sweet Gigi’s on the lower level. JLL Director Coleman Morris brokered the deal.
DEVELOPMENT
Selig Enterprises is planning to redevelop Lenox Marketplace, the two-story, 421K SF open-air shopping center across Peachtree Road from Phipps Plaza. The center is home to Publix Super Markets, Target, Dick’s Sporting Goods and Iron Hill Brewery & Restaurant.
The redevelopment, which will see the center rebranded as The Block at Phipps, aims to add more walkability to the project and will include a 30-foot, open-air corridor connecting the parking deck to the sidewalk along Peachtree Road, according to a press release.
Selig, which purchased the property in 2021 for $73.8M in partnership with the State Teachers Retirement System of Ohio, didn't disclose how much it plans to spend on the capital improvement project. Work is scheduled to start in the third quarter.
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A firm named QTR Development has applied with the state to develop a massive industrial complex dubbed Project Unicorn, according to a filing with the Georgia Department of Community Affairs. QTR is seeking to build 3M SF in three warehouse buildings spanning 321 acres just outside of Savannah, according to the application. If approved, the project would deliver by 2026.
PERSONNEL
Colline Hernandez-Ayala has joined Perkins&Will as a principal in its Atlanta office. She has been tasked with leading the firm’s urban multifamily/mixed-use practice in the Southeast. Hernandez-Ayala previously worked for GTM Architects in Washington, D.C.
CORRECTION, FEB. 28, 11 A.M. ET: A previous version of this story misidentified the owner of 55 Allen Plaza. The story has been updated.
