Rubenstein Partners acquired Interstate North Office Park, which spans 985,490 square feet across 11 office buildings.

ATLANTA—The Interstate North Office Park (INOP) complex in the Northwest submarket of Atlanta is getting a major facelift. Rubenstein Partners is executing a full repositioning of the office complex.

Rubenstein purchased the property in early 2016 for $90 milion. With a $15 million capital improvement plan, the firm aims to transform the office property into a walkable class A urban office environment. As part of the repositioning strategy, Rubenstein is renaming it Pennant Park.

The 11-building, 1 million square foot office development is located at the intersection of Interstate 75 and Interstate 285. That neighbors the new Atlanta Braves SunTrust Park and prominent mixed-use project The Battery Atlanta.

“The renovations are unlocking the full value for this asset and its renaming reflects the asset's transition to a unique offering for office tenants at the center of northwest Atlanta,” Taylor Smith, regional director of Southeast for Rubenstein, tells GlobeSt.com. “We seized the opportunity to acquire this asset a year ago and with our repositioning and buildout plans now underway, we're confident we are creating a walkable, urban office location that will draw a variety of significant office tenants.”

The renovations incorporate common area enhancements including a new outdoor collaborative workspace and refurbished interior upgrades such as new lobbies, restrooms, and building systems. Pennant Park will also offer walking and biking trails connecting the development to SunTrust Park and The Battery Atlanta as well as 1,200 acres of pristine national forest on the Chattahoochee River. ASD|SKY is serving as the architect on the project and construction is expected to be completed by early 2018.

Rubenstein is active in the Atlanta market, having also acquired Sanctuary Park, a 1.6 million-square-foot office park complex in the North Fulton submarket in 2016. Cushman & Wakefield is heading up the leasing efforts for the new Pennant Park.

Class A direct office occupancy returned to levels witnessed in mid-2016 as rates declined by 20 basis points to 86.1% during the first quarter and have subsided by 40 basis points over the prior 12 months. Class B direct occupancy experienced a 40 basis point improvement during the quarter to settle at 82.5% and has witnessed a 90 basis point uptick since the first quarter of 2016. (Big trades are still being recorded in Atlanta's office market.)

Instant Insights /

Rubenstein Gets Serious About Atlanta Office

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