Hyundai Lending Arm Signs Downsized Office Lease Near The Battery
The financing arm of Hyundai Motor Co. is setting up a new office near the home of the Atlanta Braves in a deal that slashes its presence at the building by more than half.
Hyundai Capital America signed a 45K SF lease with Boca Raton-based Workspace Property Trust for a new office at 4100 Wildwood Parkway, the company announced Tuesday.
The lease works out to a 55% downsizing of its footprint in the building: A call center for the vehicle manufacturer previously occupied the entirety of the 100K SF, two-story building in the Wildwood office park off Powers Ferry Road, Workspace's spokesperson Katie Russo told Bisnow.
“HCA remains committed to its employee base in Atlanta and did not close its operations center there.” HCA Manager Angela Nicolaou said in an email to Bisnow. Nicolaou did not respond to further questions about whether the remaining space was a call center or pure office.
Workspace purchased the three-building campus in 2022, paying $34.5M for 4100 Wildwood, according to Cobb County records. The office park is a little more than 2.5 miles from Truist Park and The Battery Atlanta, which has been a strong draw for office leasing activity in the vicinity.
“This lease underscores the lasting value of well-located suburban office space for companies committed to investing in their workforce and advancing their operations,” Workspace Leasing Director Wes Rudes said in a statement.
Anders Commercial Properties CEO Kirk Anders and Reata Commercial Realty broker Bob Gibbons represented HCA. The firm provides automotive loans for Hyundai's vehicle brands, which include Genesis and Kia. Gibbons declined to comment.
Office landlords in the Cumberland/Galleria submarket saw an uptick in activity last year. Tenants leased 167K SF more than they emptied in the fourth quarter, according to Colliers. The absorption was the strongest since the same period in 2019.
The activity helped to chip away at the submarket’s overall vacancy rate, which shrank nearly an entire basis point year-over-year to 15.7%, according to Colliers.
CLARIFICATION, FEB. 6, 3 P.M. ET: This story has been updated to reflect a statement from Hyundai and changed the headline to reflect conflicting statements about whether the manufacturer still operates any call center space in the property.
