GlobeSt.com UPDATE: Atlantic Station Picks JLL as Leasing/Management Agent

ATLANTA-Locally based Jacoby Development has selected Jones Lang LaSalle as leasing and management agent at the 800,000-sf, 12-building retail district at the $2-billion, 138-acre Atlantic Station redevelopment venture expected to formally open by year end in Midtown. Terms of the contract, including length and aggregate value, were not disclosed.

JLL has been a consultant on project since 2001. Jacoby and New York-based AIG Global Real Estate Development Co. are joint-venture partners in Atlantic Station. Jacoby's team has been leasing and managing the project until now. Tracy Lojek handled the leasing. The retail district is at 70% occupancy

"We selected Jones Lang LaSalle to lease and manage Atlantic Station's retail district because of their national presence and reputation, as well as their successful track record with similar retail projects," says Jim Jacoby.

The largest tenants in the retail and restaurant district to date are IKEA with leased space of 336,000 sf, Dillard's with 225,000 sf and Regal Theatre with 104,839 sf. Other tenants who have signed leases include Lucid, 24,763 sf; American Eagle Outfitters, 6,990 sf; Fox Sports Grill, 19,000 sf; the Sporting Club at Atlantic Town Center, 38,599 sf; Victoria's Secret, 7,425 sf; Express, 9,261 sf; Bath & Body Works, 3,666 sf; and PJs Coffee and Wine Bar, 1,625 sf.

Also taking space are Pier 1 Imports, 12,027 sf; Copeland's Cheesecake Bistro, 10,000 sf; the Improv Comedy Club, 8,000 sf; Rosa Mexicana, 6,500 sf; Chaplin's, 1,300 sf; Publix Super Market, 30,312 sf; Metropolitan Deluxe, 4,966 sf; Claddagh Irish Pub, 8,115 sf; Moe's Southwest Grill, 2,4589 sf; Mama Fu's Noodle House, 2,467 sf; Eye Gallery, 2,970 sf; and California Pizza Kitchen, 5,193 sf.

Jones Lang LaSalle declined to disclose the average asking rent range but Midtown retail brokers familiar with the project tell GlobeSt.com the estimated range is $20 to $40 per sf, depending on location and store size.

Atlantic Station is comprised of three components--the District, the Commons and the Village. The combined components will give Atlantic Station a total six million sf of class A office space; about 5,000 residential units for sale and for rent; 1.5 million sf of retail and entertainment space, including restaurants and movie theaters; and 1,000 hotel rooms in at least three hotels.

Atlantic Station is considered by the industry as the largest urban brownfield redevelopment in the US, according to Jacoby Development. The developer began planning the project in 1997. The site is the former 100-year-old Atlantic Steel Mill.