Bridge Acquires Lenox Park Office Campus in Buckhead
This acquisition brings Bridge’s year-to-date total to nearly 4 million square feet of office space closed.
ATLANTA, GA—Bridge Investment Group’s office division acquired the five buildings that comprise Buckhead’s 32-acre Lenox Park office campus, totaling 1.04 million square feet of class-A office space.
Bridge plans to renovate the recently vacated 1277 Lenox Park Blvd., a seven-story, 153,093-square-foot building with Buckhead views and thoughtful amenities. Lenox Park offers a nature-infused mixed-use environment that today’s companies increasingly want to attract top-tier talent.
“With limited large blocks available in the Buckhead office market, the 1277 Lenox Park Blvd. site is a rare opportunity for midsize and large users to office in an existing corporate campus with optimal accessibility to major corridors and transit,” says Jeff Shaw, CEO of Bridge CRE. “The campus already has lifestyle amenities, such as an open access yoga room, state-of-the-art exercise facilities and a dog park, and we are investing in the running trails, adding tenant experience centers as well as other new exciting amenities. Lenox Park will afford all tenants even more instances to gather, connect with nature and re-energize.”
Lenox Park marks the latest deal for Bridge’s office group, which is based in Atlanta and growing quickly. This acquisition brings Bridge’s year-to-date total to nearly 4 million square feet of office space closed. Since June 2014, Bridge has acquired more than 10.2 million square feet of space throughout the country and expects to continue increasing its footprint with value-add opportunities.
“Unemployment is at only 4%, and the war on talent continues to be the topic most discussed at companies across the country,” says Shaw. “It’s more important than ever for employers to offer a great workplace experience, and that includes having an office space that is not only customizable and filled with hospitality-like amenities, but also has surprise-and-delight features. Bridge is focused on continuing to build its portfolio with acquisitions and repositioning efforts such as this.”
At Lenox Park, Bridge says its priority will be renovating and leasing the newly available space at 1277 Lenox Park Boulevard. The Lenox Park campus also includes more than 1,800 apartments, 150 hotel rooms and four single-family home developments, as well as more than 27 dining options within a 2-mile radius. The campus offers running trails, a walk-around lake, community green space and expansive outdoor patio space, as well as a honey bee nest, from which a beekeeper provides local honey for sale to tenants.
The seller was represented in the transaction by David Tennery, managing director – capital markets, and his team from Jones Lang LaSalle.
Leasing at Lenox Park will be led by Kevin Lott, Jim Caswell, and Stewart Thrash of Bridge Commercial Real Estate, the office operating subsidiary of Bridge Investment Group.