Take one of Central Perimeter's oldest office buildings, transform a bungled effort to make the top floor into condos and instead convert it into prime HQ space for a boutique commercial real estate firm and pepper in the latest co-working destination—this time OTP—and what do you have? The reinvention of Georgetown on the Perimeter.

Atlanta Investment Properties is gutting the '70s era mid-rise office building at 4470 Chamblee-Dunwoody Rd in a major renovation that will include the latest addition to Atlanta's co-working office environs: SharedSpace of Atlanta.

Bisnow got a tour with Atlanta Investment Properties' Daniel Levison yesterday to see what $2.7M in renovations have to offer.

Besides gutting what were a string of condo units at the top floor, and turning them into the HQ for Commercial Property Professionals and AIP, Daniel says it's also converting 5,800 SF into incubator programming with six-month lease offers for a handful of tenants. Sterling Spoon, which is HQ'd there and operates the popular Marlow's Taverns, plans to open a café in the building, Daniel says.

Atlanta Investment Properties—the investment arm of Commercial Property Professionals—purchased the 63,500 SF building last year. The investment in the building was helped after AIP sold off a swath of 25 industrial buildings in Atlanta for $35M last year. While Daniel notes that shared office space is becoming abundant in Atlanta, any such space outside of the Perimeter is few and far between, especially in Central Perimeter, which he says he hopes gives the firm an edge, especially since many entrepreneurs and small business owners prefer to work close to home.