Landmark Properties JV Buys Atlanta Campus
A joint venture between Landmark Properties, of Athens, Ga., and Westlake Capital has acquired Northcreek Office Park, a 536,547-square-foot, four-building Class A office park in Atlanta’s Buckhead neighborhood.
The seller was Regent Partners, according to information provided by CommercialEdge. The deal’s dollar value was not disclosed.
Landmark, which typically specializes in residential communities, including student housing, characterized the acquisition as a strategic move intended to support its growing operations. The company has recently passed 100 employees in the Atlanta region and will use some of the space at Northcreek to supplement its current headquarters in Athens, Ga., and executive offices at Buckhead Plaza.
Westlake Capital is the family office of Landmark Properties’ chairman & CEO, Wes Rogers. In a prepared statement, he noted that the company is not in the office business but does prefer to own its own space.
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Northcreek Office Park is on a 39.9-acre site at 3715 Northside Parkway in Buckhead’s West Paces Ferry corridor, with ready access to I-75 and I-285.
The first two buildings were completed in 1971 and the second two in 1979, according to CommercialEdge. The property was extensively renovated from 2003 to 2009 and currently has a roster of more than 70 tenants.
Amenities include a café, conference and meeting facility, fitness center and 24/7 security with card-key access. Landmark plans to refresh and revitalize the common areas within the park.
Richard Reid at JLL represented the seller on the transaction.
Previous owner Regent Partners will continue as the property manager and leasing agent and relocate its corporate office to the property.
Declining office values, conversions in Atlanta
In an August report on declining office property values across much of the U.S.—and the resulting interest by bargain-hunting investors—Commercial Property Executive cited the then-recent purchase of a two-building, 532,000-square-foot office campus in Buckhead. B Group Capital Management acquired Ameris Center One and Two for $81 million, or reportedly about 10 percent less than it had traded for in 2015.
Conversions of office space to other uses have become a significant factor in Atlanta, totaling nearly 1 million square feet of mostly vacant space, with a further 6 million square feet pending conversion, redevelopment or demolition over the next two years, according to a first-quarter report from JLL. The new uses for this space are quite varied, JLL reported, “from residential to senior housing to a religious facility.”
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