Hines Reveals Partner In Two Planned Atlantic Station Office Buildings
Hines has revealed the look for its two new Atlantic Station office projects, as well as its partner.
Invesco Real Estate and its institutional clients are joining forces with Hines for about 700K SF of new office in the Midtown mini-city, including Atlantic Yards, which is expected to be built speculatively — without signing a tenant first — breaking ground in the spring of 2018.
The joint venture also is pursuing T3 West Midtown, a 200K SF heavy timber office project geared toward tech and boutique office tenants.
Details of the project come a month after Hines senior managing director John Heagy revealed plans to go spec on Atlantic Yards at a recent Bisnow event. It is the first new office to start at Atlantic Station since the 25-story 271 17th St. building delivered in 2009, becoming the marquee for BB&T. Hines officials stated in an email that the developer intends to go spec on both buildings.
Hines purchased Atlantic Station's retail village in a joint venture with Morgan Stanley for $200M in 2015. And most recently, Lionstone Investments paid $300/SF to buy 271 17th St., part of the current office trifecta at Atlantic Station that also includes 201 and 171 17th St., towers totaling more than 1.4M SF, from CBRE Global Investors.