Regent Still Considering Buckhead Spec
Regent Partners continues to move forward on a potential spec office tower in Buckhead. We asked Regent's David Allman for an update to those plans, and he tells us the firm is still in design on that building and talking to capital. Called Capital City Plaza II, Regent owns a site next to Capital City Plaza (home of PulteGroup's HQ) that could exceed 500k SF. There's been rumblings that Regent could go spec on the project—as Tishman Speyer has finally done on Three Alliance Center this past summer.
David (flanked by Cousins Properties' Larry Gellerstedt and Cushman & Wakefield's John O'Neill at one of our recent events) admits that Regent could only start on the project by mid-2015 at the earliest, but says no decision has been made on spec. How, though, is David marketing a project in a submarket that was widely viewed as ground zero for the credit crisis of 2009, when five new towers hit the market? There's a big difference between two and five new towers, he says. "And you have to address the quality of the sites." Plus, David adds, those previous towers delivered at the peak of the economy, whereas Atlanta seems to be in the early stages of a sustained recovery.