Carter has its sights set on reviving a nondescript office building across from the Fox Theatre.
The Atlanta storied development firm has 715 Peachtree under contract for $50M, or some $142/SF. The 352k SF building just across from the Fox Theatre was formerly used by Bank of America for its credit processing, but has been empty for a number of months. Sources tell us Carter, which did not respond to Bisnow, originally was planning to open a tech-centric office project and attempted to lure WeWork into a good portion of the building. Sources tell us that WeWork is instead focused on Buckhead for its Atlanta debut. The current owner, Arthur Walters in Arlingon, deferred comment until after July 15. Carter's specific plans for the building were unclear as of press time.
But what of WeWork? It's been eyeing an Atlanta entry for some time now, having eyed Ponce City Market and even Terminus 100. But its requirements have shifted over time. Most recently, the shared economy power player—which raised in excess of $350M last year to create a market cap value that could surpass $6B under leadership of co-founders Miguel McKelvey and Adam Neumann—tapped Cushman & Wakefield in Atlanta for its real estate search, sources tell us. And that search could mean WeWork could attempt to secure more than 200k SF of prime Atlanta office space in 50k to 60k SF chunks in various submarkets, including Buckhead, sources say.
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