Patterson takes over today, July 1, as president, chief operating officer and a full partner at Barry Real Estate. Barry is chairman and Schoen is vice chairman and CEO. Schoen also wore the president's hat before Patterson arrived. Patterson's arrival at Barry Real Estate is timely since he was instrumental in helping Barry and Schoen finance their first class A office building at the planned 1.2-million-sf, three-building Allen Plaza complex Downtown.
That building is the 15-story, 260,000-sf, $50-million 30 Allen Plaza where locally based Southern Co. will be occupying the entire structure on a space-staggered 15-year lease that Downtown brokers estimate is valued at $70 million, as GlobeSt.com reported elsewhere on this page.
Barry also broke ground in April on 55 Allen Plaza, a 349,000-sf structure. The company plans to start its third building, 50 Allen Plaza, next year. That 34-story structure will have an estimated 600,000 sf of office, retail and hotel space, four blocks from Centennial Olympic Park.
In hiring Patterson, Hal Barry says Patterson "brings unequaled experience that increases the level of our real estate finance expertise." He says Patterson's presence "makes Barry Real Estate a stronger commercial real estate company and takes us to another level." Prior to working at First Fidelity Mortgage for a year, Patterson spent 12 years in real estate finance activities with InterFirst Bank in Dallas from 1993 to 2005.
Schoen says his company's decision to name Patterson president and partner "sends a signal that the company is positioning itself to build on the momentum it has created over the past couple of years with developments such as Allen Plaza, Deerfield Point, Parkwood Point, Pershing Point Plaza and the Cingular Wireless campus in north Fulton [County]."
Schoen says "It would be hard to find a company that has more developments and projects under way or planned in the Southeast than Barry Real Estate." He adds, "The addition of Lance allows us to stay steps ahead of our competitors."
Patterson notes "the time is right for the company to build on its recent successes and expand into new areas, such as hotel and mixed-use developments." At Barry Real Estate, Patterson will find financing for developments and build relationships with funds, venture partners and banks, Schoen says. Patterson also "will guide the company in its acquisitions, development of new concepts and expansion into new markets," the CEO says.
Another hat Patterson will be wearing today is that of chairman of the Urban Land Institute's Atlanta District Council.
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