The head of Cresa's Atlanta office has departed for a New York-based brokerage firm.
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Chris Scott joined Newmark Atlanta as its market leader, reporting directly to the Southeast region market leader, Ran Holman, the company announced Friday. Scott's move means he departed Cresa Atlanta as its market leader, where he had been since 2023.
Cresa principal Tom Tindall told CoStar, which first reported the move, that Scott's last day was on March 18.
“At Newmark we look for character, ability, passion and fit. Chris Scott checks all of those boxes,” Holman said in a news release. “We’re eager to work with Chris to build on our success in the southeast and provide further exceptional service for our clients.”
Prior to Cresa, Scott spent several years as a partner with local office developer Greenstone Properties, overseeing its operations.
Last year, Newmark’s Atlanta office leader, Sean Moynihan, was promoted to market leader for Newmark’s New York, New Jersey and Connecticut region.
Newmark's controlling shareholder is Commerce Secretary Howard Lutnick, who resigned as chairman of the company's board when he was confirmed to his Cabinet position, appointing his 28-year-old son to the board of directors in his place. Lutnick has vowed to divest his stake in the company within 90 days of his confirmation on Feb. 18.
SALES
Partners Real Estate’s investment platform, Partners Capital, purchased the Courtyard by Marriott Atlanta Buckhead, shelling out $134K per room for the property. Bethesda, Maryland-based hotel REIT RLJ Lodging Trust sold the 181-room hotel at 3332 Peachtree Road for $24.2M.
The purchase was made by Partners’ Hospitality Fund I, which seeks to buy premium-branded select-service and extended-stay hotels in high-growth markets in the Sun Belt.
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Sagard Real Estate purchased Grande Oaks, a 270-unit apartment complex near Downtown Roswell, for an undisclosed sum. The previous owner was an LLC tied to Barry Sternlicht's Starwood Capital Group, which paid $77.7M for the property in 2021, according to Fulton County records.
Sagard plans to renovate 121 units, including adding in-unit laundry, according to a press release.
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The Midtown Business Improvement District is under contract to buy 98 14th St., a 4-acre parcel in Midtown, from Benmark Capital and Peachtree Group for an undisclosed sum. The Midtown community improvement group plans to preserve the undeveloped site — once the planned home of the failed No2 Opus Place mixed-use tower — as a public park.
Midtown Improvement District is raising 20-year, tax-exempt general obligation bonds to finance the purchase, slated to close in May.
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LEASES
Digital marketing firm Look Listen inked a 10K SF lease in the former WeWork space at The Interlock mixed-use project in West Midtown. It was among a handful of new office leases at the property in recent weeks, including 7K SF to Directional Capital and 5K SF to the law firm Levy, Sibley, Foreman & Speir LLC.
Most of the vacated WeWork space has been leased, landlord Armada Hoffler said in a press release. Stream Realty Partners’ Kevin Driver and Malik Leaphart represented the Virginia-based REIT in the deals.
DEVELOPMENT
Toro Development Co. is planning to build 133 full-brick townhouses at its Medley mixed-use project in Johns Creek. The for-sale homes will be integrated into the 43-acre project. The three-to-four-bedroom units will range between 2K SF and 2,800 SF and be available for sale in 2026.
Toro will also include a pool and clubhouse for the townhouse community.
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