ATLANTA—A once forgotten office building in Atlanta, 30 Tech Park has received an infusion of new life. Office tenants in the region are taking notice after new ownership completed a repositioning through major renovations.
Capstone Logistics and ConstructConnect signed long term leases at the office property, taking 30,000 square feet and 38,000 square feet, respectively. CBRE’s Peter McGuone, Heather Lamb and Parker Nelson are marketing the building on behalf of the owner. Steve Farrar of Newburger-Andes represented Capstone. Eric Ramer of Icon Commercial represented ConstructConnect.
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As part of a growing national trend, investors and office landlords are converting warehouse and flex buildings into office space. But this movement isn’t limited to urban environments.
Areas like Chamblee and Amour Yards, and now Peachtree Corners, have had great success embracing this concept. In this vein, the 120,000-square-foot 30 Tech Park was renovated to incorporate a modern design with a creative loft office feel.
“In over a decade of working on behalf of landlords in Peachtree Corners, our team has never seen this much activity,” Peter McGuone, CBRE first vice president, tells GlobeSt.com. “Tenants in all markets are seeking the cool and creative space. The owners who have the vision and capital to deliver this type of work environment are dominating the market, and are able to push rental rates.”
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Making the work experience more enjoyable and efficient for office workers has become a priority in Corporate America. As unemployment reaches record lows, companies are competing to recruit and retain top talent. One way companies differentiate themselves from the competition is with their office space, which is no longer just seen as an expense but as a recruiting tool.
McGuone notes that tenants of all types, not just technology or creative firms, are interested in and drawn to the open and unique office space that gives employees a sense of pride walking into work. 30 Tech Park illustrates this, as the tenant base varies.
CBRE’s recent North American Suburban Office Trends report shows that suburban office submarkets with urban characteristics are in the best position to capture occupier demand. Assets in these areas that provide the quality of office space tenants can find intown are performing best, as tenants do not miss out on the urban feel.
For its part, 30 Tech Park is one in a four-building portfolio on Technology Parkway in Peachtree Corners, which the CBRE team represents as well. The other buildings in the portfolio, 190 and 192 Technology Parkway and 35 Technology Parkway South, have received similar improvements.