With Encore Park well underway and destined as the new home for HD Supply, Greenstone Properties' De Little tells us the firm is on the hunt for another—even larger—office project in the SunTrust Park vicinity. Hear more when De speaks at our 2016 Cumberland Expansion event (info here).
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“We're in the process and hopefully [will] make the announcement on another site in Cumberland in the near future,” De (far right with partner Chris Scott and their respective families) tells us.
De declined to elaborate on where it would be, but he says it would likely span between 300k and 350k SF. And for De, it makes sense: Of the 1M SF underway in Cumberland/Galleria now, nearly 900k SF is leased.
“Cumberland is hot,” he says. Greenstone's initial project—the $100M, 200k SF Encore Park office building off Cumberland Boulevard—was recently pre-leased in its entirety to HD Supply.
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Certainly, Colliers International's latest numbers reflect strong activity. Less than 13% of the 35.4M SF Northwest submarket is vacant, and it posted the most absorption of any suburban office submarket in Q1—nearly 100k SF. And Colliers analysts predict Cumberland will be the strongest office submarket outside of Midtown this year, given the pipeline of prospects seeking space.
De says the SunTrust Park project also adds the dynamic of a 24-hour environment to an area that's never had it before.
“To me,” he says "that's icing on the cake."
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On the retail front, another panelist—Fuqua Development's Jeff Fuqua—is confident that the majority of the retail space at The Battery at SunTrust Park will be leased and open by opening day next year.
So far, Fuqua and Braves officials have announced a line-up of pre-leasing that includes Wahlburgers, Kings Bowl retro bowling alley, Goldbergs Bagel Co & Deli, Mountain High Outfitters, a Harley-Davidson retail store and Antico Pizza. He adds the firm is in talks with a grocer to locate there, but declined to elaborate.
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Come hear more from Jeff and De, along with JLL's Alex Demestihas, Cousins Properties' Thad Ellis (here), Seven Oaks Co's Bob Voyles, Atlanta Braves president Mike Plant and Cobb County Commission chairman Tim Lee at our 2016 Cumberland Expansion event at 7:30am, Wednesday, July 20 at the Cobb Galleria Convention Center (tickets and info here).
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