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Concourse Office Park selling for nearly $500-million

The strength of the Perimeter Central real estate sub-market showed it’s muscle once again with the sale of the Concourse Office Park for nearly $500 million, close to $200 million more than when the iconic King and Queen towers sold in 2012.  The new owners Building and Land Technologies of Stamford, Connecticut, are making this center point of the Perimeter skyline their Georgia market entry.  This massive appreciation in value in such a short time frame also signals a return of pricing strength to the Perimeter, the largest office market in Georgia.

Regent Partners, the sellers, had brought the King and Queen building to more than 90 percent occupancy before putting it on the market. The new owners see additional potential in a 4-acre tract at Concourse Corporate Center which is already zoned for further high density, mixed use development.

According to the Atlanta Business Chronicle, the Perimeter area is experiencing it’s strongest period of growth in 25 years. Commercial rents are reaching record levels, and that growth is expected to continue as Mercedes Benz USA,  State Farm Insurance, and Cox Communications, among others expand or locate operations and corporate headquarters within the Perimeter area.



Q. How have your perceptions of MARTA changed?

“MARTA has now become an important factor for many companies in choosing their office location. Also, my perception is that MARTA management has become a better steward of their finances and more open to working with other stakeholders. The combination of these factors has created more willingness to invest in MARTA, either through new funding or partnerships.” – Kay Younglove, Senior Vice President, Jones Lang LaSalle 

"MARTA has become a game-changer in attracting new development to the Perimeter area. From State Farm to Mercedes Benz and I am sure many other companies in the future, access to alternative transportation, such as MARTA, has been a key element in the decision making process." - John Heagy, Senior Managing Director of Southeast Region, Hines 

*Sound-off will seek answers from community leaders, PBA members and property owners within the PCIDs on hot topics of the day.  Please feel free to send your suggested topic or question for future issues to Tammy Thompson, Director of External Affairs at tthompson@perimetercid.org

PBA Transportation and Commuting Survey
The PBA is interested in knowing more about travel options at your property or worksite. Please send the following travel survey link to your employees or tenant contacts:  www.perimetertravelsurvey.com. If you are not the appropriate contact but would like your work-site to participate in the survey, just send us a quick email here with updated contact information!

Thank you for your continued partnership as we work to enhance mobility, commuting options and improved access across the central Perimeter region.



Destination - Dunwoody
Collaborate Marketplace, a meeting planner website, produced and is hosting a video promoting several unique meeting spaces, places, retail and dining destinations in Dunwoody, GA, including several spots within the Perimeter Center.  Starting in May, the Dunwoody Convention and Visitors Bureau will also place this video on its You Tube Channel.

Though not an exhaustive and all encompassing presentation, it does give quick highlights and snapshots of some of the more entertaining, unique and visually appealing aspects of Dunwoody.  Take a look and feel free to share.


City Center, Sandy Springs

Sandy Springs City CenterThis development, near the intersection of Johnson Ferry and Roswell Roads, will center around a unique, vibrant and walkable City Center, which incorporates various tenant types in the mixed-use development. The 14-acre parcel, owned by the City of Sandy Springs, will include new dining options, high-end residential living, amenity retail and entertainment options, including a Sandy Springs civic/cultural center, performing arts facilities, as well as pocket parks and green spaces.

A formal groundbreaking for City Center, is slated for summer 2015 with a completion date by fourth quarter 2016. In addition to the new facilities, work is being done to improve vehicular flow and a plan is set for Atlanta Braves game day traffic.  

Heritage Sandy Springs

One of the many proposed uses for the coming City Center is a Sandy Springs Farmer’s Market Area. The successful Heritage Sandy Springs Farmers Market, is currently held in the Target parking lot, site of the future City Center.  The market returns this month and runs through Nov. 2 every Saturday morning from 8:30 am – 12 pm.  The Heritage Center is also the site for an intimate series of outdoor summer and fall concerts. Come and enjoy an evening in Sandy Springs soon.  

Perimeter Business Alliance Leadership Luncheons
Doug Hooker, executive director of ARC spoke at the March luncheon about trends in transportation. The next PBA Leadership Luncheon is Friday, May 15. We will have a panel on Alternative Transportation/Transit, with representatives from MARTA, PATH, GRTA and Perimeter Connects. Invitations coming soon. Please RSVP. 
 
Doing Nothing is No Longer an Option, by Yvonne Williams, PCIDs for the Atlanta Journal Constitution

Voyles envisioned development, transportation improvements, Atlanta Business Chronicle

How Cooperation Increases Demand, Special CID section, Atlanta Business Chronicle

CIDs Tackle Major Fulton County Intersections, Special CID section, Atlanta Business Chronicle

Yvonne Williams Wins Sirius Star, Atlanta Journal Constitution
Perimeter Pathways, April 2015, Volume I., Issue 2

About Perimeter Business Alliance:  Formed by the Perimeter CIDs, as a broad consortium of business, civic and elected community leaders from across the three cities and two counties served by the Perimeter CIDs to seek input and feedback as well as build communications bridges and stronger relationships within the communities served.

Newsletter produced and distributed by the PBA and Perimeter Community Improvement Districts, distributed six times per year. To subscribe to Perimeter Pathways, click here.


Copyright © 2015 Perimeter Community Improvement Districts (PCIDs), All rights reserved.


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