The First Suburban Non-Build-To-Suit Office Coming Out of The Ground Is...
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With more than 110k SF of pre-leasing, Highwoods Properties and JV partner Seven Oaks Properties are starting Atlanta's first non-build-to-suit suburban office tower since the Great Recession. Construction will begin this month on Riverwood 200, the $107M, 12-story, 300k SF office building that's part of the Riverwood office park, with a skyline view of the future Braves stadium. The duo have already pre-leased 118,500 SF, which includes CPA firm Bennett Thrasher with 62,500 SF and Holder Construction with 56k SF.
As we previously reported, Seven Oaks has been mulling this deal for several months and was also courting Delta Community Credit Union. No word on whether the banking firm continues to express interest. The tower should deliver by mid-year 2017. Highwood CEO Ed Fritsch (here with Pollock Commercial's Jeff Pollock, taking aim of Atlanta rents) says the timing was good given the sister building Riverwood 100 is 94% occupied. Oh, and one other key factor: the Atlanta Braves' new stadium and complex is also slated for completion in 2017.