ATLANTA | Development Thread VI - Page 343

Atlanta3000 · #**6841** Posted **Jan 29, 2018, 8:05 PM**

Quote:

Originally Posted by JMKeynes

It's pretty horrible. Atlanta has taken a serious nosedive in architecture.

Really.........? I think Atlanta is quickly morphing into our counterparts up North on a micro and macro level. Certainly more than any other Southern city

pic via Curbed.

cabasse · #**6842** Posted **Jan 29, 2018, 10:19 PM**

Quote:

Originally Posted by JMKeynes

It's pretty horrible. Atlanta has taken a serious nosedive in architecture.

on the contrary... the stuff we've seen go up the past 2-3 years has been far better than almost everything before. for awhile, all we kept seeing was novare, but the residential towers i'm referring to are light years more attractive.

stuff like modera midtown, hanover midtown, amli arts center, amli 3464 (1) (2), azure on the park, lilli, hanover buckhead, the charles, modera buckhead, cyan buckhead...

that hulking portman monstrosity is the exception, (for atlanta, not for portman's firm) not the rule

Street Advocate · #**6843** Posted **Jan 30, 2018, 1:56 PM**

Bizjournal reporting Whole Foods is looking to move its regional employees from Roswell to Midtown:

"In Atlanta, Whole Foods is said to be looking at creative, loft office buildings that are planned in Midtown, such as Hines T3 project at Atlantic Station. Other possibilities include The Allen Morris Co.’s redevelopment of the Star Iron and Metal Co.

Closer to the heart of Midtown and Peachtree Street, there are several loft office buildings in the works, including a new project at the redevelopment of Colony Square.

Whole Foods is considering a lease in the range of 30,000 square feet to 40,000 square feet.

It should expect to pay-up for the new space. In fact, it’s likely intown rents for loft office space could run between $35 a foot and $40 a foot — much higher than its current rate at 1180 Upper Hembree Road in Roswell"

Atlanta3000 · #**6844** Posted **Jan 30, 2018, 2:46 PM**

Quote:

Originally Posted by thepope117

Hudson Yards alone has more than 5k units so I'm inclined to agree with JMKeynes on this one.

This is not directed at you, but to everyone. Why is it so difficult to for people on this forum to present a verified third party source to validate their opinion? To simply make a statement without a source is an opinion. I think everyone could benefit from less opinions and more facts. Just my $0.02.

re: Hudson Yards - are you really saying there are 5K units in that development under construction NOW? Or will there be 5K units at build out?

Triptychtwo · #**6845** Posted **Jan 30, 2018, 4:27 PM**

AT&T will officially announce today they are no longer leasing the following properties starting 2019 in Atlanta:

• 1055 Lenox Park Blvd.
• 575 Morosgo Dr.
• 675 W. Peachtree St.

testarossa50 · #**6846** Posted **Jan 30, 2018, 5:08 PM**

Damn, are they gonna be cutting headcount in this move?

arctk2014 · #**6847** Posted **Jan 30, 2018, 5:09 PM**

Quote:

Originally Posted by Atlanta3000

This is not directed at you, but to everyone. Why is it so difficult to for people on this forum to present a verified third party source to validate their opinion? To simply make a statement without a source is an opinion. I think everyone could benefit from less opinions and more facts. Just my $0.02.

re: Hudson Yards - are you really saying there are 5K units in that development under construction NOW? Or will there be 5K units at build out?

NYC still topped out Dallas-Fort Worth in 2017.... though only by a few thousand units.

https://www.rentcafe.com/blog/rental-market/us-apartment-construction-at-a-20-year-high-in-2017/

jwbab · #**6848** Posted **Jan 30, 2018, 5:10 PM**

Quote:

Originally Posted by Triptychtwo

AT&T will officially announce today they are no longer leasing the following properties starting 2019 in Atlanta:

• 1055 Lenox Park Blvd.
• 575 Morosgo Dr.
• 675 W. Peachtree St.

AT&T to vacate iconic Midtown tower in Atlanta office consolidation

https://www.bizjournals.com/atlanta/news...ate-iconic-midtown-tower-in-atlanta.html

Quote:

AT&T occupies about 437,500 square feet in the 1.4 million square foot tower, according to CoStar.

As of late last year, the building was said to be under consideration by a company eyeing Atlanta and other cities for a major expansion or relocation.

FireBlade · #**6849** Posted **Jan 30, 2018, 5:10 PM**

How much of 675 W. Peachtree St do they occupy, its a fairly large building?

Pemgin · #**6850** Posted **Jan 30, 2018, 5:44 PM**

Quote:

Originally Posted by jwbab

AT&T to vacate iconic Midtown tower in Atlanta office consolidation

https://www.bizjournals.com/atlanta/news...ate-iconic-midtown-tower-in-atlanta.html

I wonder if they're alluding to Amazon?

Atlanta3000 · #**6851** Posted **Jan 30, 2018, 5:55 PM**

Quote:

Originally Posted by arctk2014

NYC still topped out Dallas-Fort Worth in 2017.... though only by a few thousand units.

https://www.rentcafe.com/blog/rental-market/us-apartment-construction-at-a-20-year-high-in-2017/

Report from today:

http://www.globest.com/sites/paulbubny/2...it-30-year-high/?slreturn=20180030124929

Quote:

A year ago, Houston was the hot spot for apartment completions. Now another Texas city leads the way, as Dallas takes the top spot with 27,974 completed units. New York City comes in second with 23,207 completions, while Houston slips to third place with 21,404 new units.

Triptychtwo · #**6852** Posted **Jan 30, 2018, 6:03 PM**

Quote:

Originally Posted by Pemgin

I wonder if they're alluding to Amazon?

Yes. I have heard from a couple different people, this was pitched to Amazon as a temporary (but immediately available) home while the rest of their campus is built.

From the Amazon RFP:

Building Requirements
Initial Square Foot Requirement 500,000+ Sq. Ft. Phase I (2019)

Priority for Consideration (in no particular order):
Amazon will consider the following site/building categories for the Project:
1. Existing buildings of at least 500,000+ sq. ft., meeting the core requirements described

jwbab · #**6853** Posted **Jan 30, 2018, 8:23 PM**

Permits were filed today for interior renovation of the old Norfolk Southern Headquarters downtown next to the Gulch.

99 Spring Street Permit: ($900,000 cost of construction) https://aca3.accela.com/ATLANTA_GA/Cap/C...gencyCode=ATLANTA_GA&IsToShowInspection=

125 Spring Street Permit: ($1,600,000 cost of construction) https://aca3.accela.com/ATLANTA_GA/Cap/C...gencyCode=ATLANTA_GA&IsToShowInspection=

CIM Group recently bought the Property: https://www.bizjournals.com/atlanta/news...wns-norfolk-southern-building-sells.html

Based on the contact information in the permit filing, Stream Realty Partners appears to be involved with the renovations.
http://streamrealty.com

cabasse · #**6854** Posted **Jan 30, 2018, 10:20 PM**

Quote:

Originally Posted by FireBlade

How much of 675 W. Peachtree St do they occupy, its a fairly large building?

they occupied about 430k sq ft in the midtown tower, of about 1.4m sqft total. (it is a big tower - 677' - the other big building in the area between midtown and downtown along with bank of america tower)

according to the article they're consolidating to 1025 Lenox Park Blvd. from "two Midtown office buildings and three [other] buildings [in buckhead]".

i still have my bellsouth.net paperclip/magnetic sculpture thing from when i was a kid, visiting some trade show with my dad. they were a good company to atlanta.

montydawg · #**6855** Posted **Jan 30, 2018, 11:04 PM**

Quote:

Originally Posted by Street Advocate

Bizjournal reporting Whole Foods is looking to move its regional employees from Roswell to Midtown:

"In Atlanta, Whole Foods is said to be looking at creative, loft office buildings that are planned in Midtown, such as Hines T3 project at Atlantic Station. Other possibilities include The Allen Morris Co.’s redevelopment of the Star Iron and Metal Co.

Closer to the heart of Midtown and Peachtree Street, there are several loft office buildings in the works, including a new project at the redevelopment of Colony Square.

Whole Foods is considering a lease in the range of 30,000 square feet to 40,000 square feet.

It should expect to pay-up for the new space. In fact, it’s likely intown rents for loft office space could run between $35 a foot and $40 a foot — much higher than its current rate at 1180 Upper Hembree Road in Roswell"

The upper hembree road is an old Harry's farmer's market which Whole Foods owns. It is a now a distribution facility and bakery for Atlanta area stores. Considering they own the building, they probably didn't pay rent (the facility is huge). I would suggest they are moving to Midtown only for talent. I am surprised they didn't build an office floor on the top of their new Midtown store- that would have been perfect for that location.

Rail Claimore · #**6856** Posted **Jan 30, 2018, 11:05 PM**

Quote:

Originally Posted by Pemgin

I wonder if they're alluding to Amazon?

That was my first thought.

Pemgin · #**6857** Posted **Jan 30, 2018, 11:08 PM**

I wonder if all of a sudden adding this much vacant office space is going to affect the development of 1105 W. Peachtree or other Midtown office projects.

Street Advocate · #**6858** Posted **Jan 31, 2018, 2:20 AM**

Quote:

Originally Posted by Pemgin

I wonder if all of a sudden adding this much vacant office space is going to affect the development of 1105 W. Peachtree or other Midtown office projects.

ATT has been planning its move from the tower and consolidation in Dallas for some time now. I doubt Selig missed that news. Plus, other places (T3) are about to build on spec.

jwbab · #**6859** Posted **Jan 31, 2018, 1:43 PM**

Quote:

Originally Posted by cabasse

they occupied about 430k sq ft in the midtown tower, of about 1.4m sqft total. (it is a big tower - 677' - the other big building in the area between midtown and downtown along with bank of america tower)

according to the article they're consolidating to 1025 Lenox Park Blvd. from "two Midtown office buildings and three [other] buildings [in buckhead]".

i still have my bellsouth.net paperclip/magnetic sculpture thing from when i was a kid, visiting some trade show with my dad. they were a good company to atlanta.

They keep updating the numbers from what was originally reported. Apparently, AT&T will remain in the 725 West Peachtree and 754 Peachtree buildings in Midtown. But they will vacate the 49 story AT&T Tower, where they currently lease in the ballpark of 1.2 million square feet of space.

Along with the rumored vacancy rates at the neighboring Bank of America tower, there will be close to 2 million square feet of office space available in the sub-market. It may indeed be tough for any new large office projects to get off the ground in Midtown.

Bisnow: https://www.bisnow.com/atlanta/news/offi...a-offices-in-massive-consolidation-84343

Atlanta Business Chronicle: https://www.bizjournals.com/atlanta/news...tails-emerge-on-at-ts-major-atlanta.html

Atlanta3000 · #**6860** Posted **Jan 31, 2018, 2:43 PM**

Quote:

Originally Posted by jwbab

They keep updating the numbers from what was originally reported. Apparently, AT&T will remain in the 725 West Peachtree and 754 Peachtree buildings in Midtown. But they will vacate the 49 story AT&T Tower, where they currently lease in the ballpark of 1.2 million square feet of space.

Along with the rumored vacancy rates at the neighboring Bank of America tower, there will be close to 2 million square feet of office space available in the sub-market. It may indeed be tough for any new large office projects to get off the ground in Midtown.

Bisnow: https://www.bisnow.com/atlanta/news/offi...a-offices-in-massive-consolidation-84343

Atlanta Business Chronicle: https://www.bizjournals.com/atlanta/news...tails-emerge-on-at-ts-major-atlanta.html

I don't see all of this space impacting new projects. High tech companies looking for space in Midtown probably will not be drawn to either building. If anything it will help draw prospects who had never considered Midtown because these building's lease rates will be significantly lower than the market rate - especially in a Premium area. This is a Win-Win as far as I am concerned.