SUCCESSFUL BUILDING INVESTMENT
The Challenge:
Our client was nearing their lease expiration in Perimeter Center and came to us with the concept of a building purchase. They wanted to expand their existing office footprint in Atlanta, while their parent company, a global private equity firm, was interested in investing in an office building in the Atlanta market. Their target asset was a low to mid-rise class A office building in the Alpharetta area that had a strong anchor tenant and existing occupancy. Our client would occupy 12,000 SF, while leasing the remaining space to other tenants. A move to Alpharetta would allow the executives and most of their employees to reduce their commutes significantly, increasing productivity and morale.
The Solution:
Due to the competitive real estate environment in the North Fulton submarket, it was important for Wildmor to tap into long-standing relationships in the real estate community. While the Wildmor team canvassed the market for all opportunities, we became aware, through existing relationships, of a building that would soon be offered for sale. The Wildmor team arranged to have our client be the first to tour the building, before it hit the market. This was a well-positioned, 4 story, class A office building in Alpharetta with a strong amenity base. The largest tenant was occupying 57% of the building, with a lease expiration 4 ½ years out. A tenant of this quality offered great value and financial stability to the potential investment. The overall building was approximately 75,000 SF and 80% leased, leaving ample space for our client to achieve their increased space goals. After thoroughly reviewing all available options, our client identified this building as meeting all of their criteria relating to open office space and building investment. Wildmor was successful in negotiating a competitive market purchase that was very attractive to our client and within their stated budget.
Scope of services:
Site Selection
Building Acquisition
