ATLANTA—Two global commercial real estate companies have joined forces to transform an Atlanta office building into a mixed-use development that will include retail and more. Simon has retained CBRE as the exclusive leasing agent for the planned 12-story class A office space that's rising up as part of the Phipps Plaza's redevelopment.
CBRE's Jeff Keppen, Chris Port and Nicole Goldsmith are representing Simon in the leasing. Simon laid out plans to transform the luxury mall into a mixed-use development in November.
“The Phipps Plaza redevelopment comes at a time when not many large blocks of office space are available in Buckhead, the most exclusive submarket in Atlanta,” says Patrick Peterman, vice president of development and asset intensification at Simon. The redevelopment will offer about 300,000 square feet of class A office space.
In Buckhead, there's a decrease in supply of 50,000 to 99,999-square-foot options and a decrease in sublet spaces available. “The leasing environment in Atlanta has changed significantly since the last time most tenants did their deals,” Marianne Skorupski, research director for the Southeast region of NKF, tells GlobeSt.com. “Over the past couple of years, the significant shift to a landlord's market has resulted in the jump in pricing that has become sticker shock for many companies.”
Construction is slated to commence in 2018 with a phased opening beginning in spring 2020. These new elements will be completely integrated into the existing footprint of Phipps Plaza, which will continue to be anchored by the extremely productive Nordstrom and Saks Fifth Avenue stores. Shopping and parking at Phipps Plaza will not be affected during the construction of the project.
(Atlanta is home to some of the hottest office submarkets in the nation. Get the details.)
Simon has transformed Phipps Plaza in recent years by adding hospitality and residential components and sophisticated food offerings. The AC Hotel Atlanta Buckhead at Phipps Plaza boasts 166 guest rooms and suites. AC Hotels is one of the most sought-after hotel brands throughout Europe. The Domain at Phipps Plaza consists of 319 mid-rise, urban-style luxury residences with a variety of floor plans.
(Here's why Atlanta's office sales volume has seen a big drop.)
ATLANTA—Two global commercial real estate companies have joined forces to transform an Atlanta office building into a mixed-use development that will include retail and more. Simon has retained CBRE as the exclusive leasing agent for the planned 12-story class A office space that's rising up as part of the Phipps Plaza's redevelopment.
CBRE's Jeff Keppen, Chris Port and Nicole Goldsmith are representing Simon in the leasing. Simon laid out plans to transform the luxury mall into a mixed-use development in November.
“The Phipps Plaza redevelopment comes at a time when not many large blocks of office space are available in Buckhead, the most exclusive submarket in Atlanta,” says Patrick Peterman, vice president of development and asset intensification at Simon. The redevelopment will offer about 300,000 square feet of class A office space.
In Buckhead, there's a decrease in supply of 50,000 to 99,999-square-foot options and a decrease in sublet spaces available. “The leasing environment in Atlanta has changed significantly since the last time most tenants did their deals,” Marianne Skorupski, research director for the Southeast region of NKF, tells GlobeSt.com. “Over the past couple of years, the significant shift to a landlord's market has resulted in the jump in pricing that has become sticker shock for many companies.”
Construction is slated to commence in 2018 with a phased opening beginning in spring 2020. These new elements will be completely integrated into the existing footprint of Phipps Plaza, which will continue to be anchored by the extremely productive Nordstrom and Saks Fifth Avenue stores. Shopping and parking at Phipps Plaza will not be affected during the construction of the project.
(Atlanta is home to some of the hottest office submarkets in the nation. Get the details.)
Simon has transformed Phipps Plaza in recent years by adding hospitality and residential components and sophisticated food offerings. The AC Hotel Atlanta Buckhead at Phipps Plaza boasts 166 guest rooms and suites. AC Hotels is one of the most sought-after hotel brands throughout Europe. The Domain at Phipps Plaza consists of 319 mid-rise, urban-style luxury residences with a variety of floor plans.
(Here's why Atlanta's office sales volume has seen a big drop.)
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