Originally developed in the 1980s, Crown Pointe sits at 1040 and 1050 Crown Pointe Parkway.

ATLANTA—KBS Realty Advisors is taking on a new strategy at its class A office park in Atlanta's Central Perimeter submarket. The firm awarded leasing and property management for Crown Pointe, a 515,949-square-foot, two-building property.

KBS recently acquired the property and is in the middle of the design phase with architects to finalize the renovations plans for the common areas, and exterior landscapes. Scott Rees, Stephen Clifton and Zach Wooten will oversee the leasing and marketing for the asset.

“The Atlanta office market is tighter than landlords have seen ever before,” Rees, senior vice president at PMRG,” tells GlobeSt.com. “Occupancy in the office sector is at 85% across all submarkets, but in the Buckhead, Midtown, Central Perimeter and Cumberland-Galleria submarkets newer class A buildings are well over 90% leased.”

Originally developed in the 1980s, Crown Pointe sits at 1040 and 1050 Crown Pointe Parkway. The campus includes one 10-story office building and one 18-story office building. The office buildings are across the street from Perimeter Place, a mixed-use development with residential and more than 35 retailers and 15 eateries.

“With a lack of speculative construction, tenants seeking space in these highly desired areas are being driven to older class A and B buildings,” Rees says. “Landlords willing to put more capital into older buildings are able to push rental rates and attract tenants who are either dealing with sticker shock from rates at newer class A buildings or cannot find the space they need in them.”

The office asset is within walking distance to Perimeter Mall as well as the Sandy Springs MARTA station. Crown Pointe boasts direct access to Hilton Embassy Suites, whose ownership group has plans to proceed with property renovations in the near future. Crown Pointe is 72% leased.

“Crown Pointe already has the most convenient access and connectivity to area amenities in the Central Perimeter,” says Rees. “The property has great bones and a beautiful park setting which is an ideal amenity for its tenants. By redesigning common areas, creating building amenities offering cutting edge workday experiences and activating the outdoor green space, we will be offering a work environment that is unique in the submarket.”

Instant Insights /

KBS Pursues New Strategy for 72%-Occupied Office Building

Related Stories

Recommended For You