OA Development Lands 101 KSF HQ Renewal in Atlanta
OA Development has signed a 101,891-square-foot lease renewal at Peachtree Ridge, an approximately 160,000-square-foot office property in Norcross, Ga. The tenant is architecture, engineering and construction management company Pond, that has been a tenant at the location since 2005 and is now occupying 64 percent of the building.
Transwestern negotiated on behalf of the owner and it is also overseeing leasing services at the mid-rise. Other tenants at the property include Franzen and Salzano, P.C. and NovaNet Pro, CommercialEdge shows.
Peachtree Ridge is a seven-story, 159,962-square-foot office building at 3500 Parkway Lane that includes 24,000-square-foot floor plates, a conference room, a fitness center, a terrace level and 480 parking spots.
OA Development picked up the asset in 2017 for $18.2 million from seller FCA Partners, according to CommercialEdge. During the same period, the company also secured a $14.4 million loan originated by Ameris Bank, with a maturity date set for July 2025, according to the same source.
The owner completed a series of renovations at the property that resulted in an upgraded lobby, new lighting, refreshed finishes and contemporary artworks. Renovations were led by Merit Construction Co., while Vickers Design Group was in charge of redesigning the lobby. Renovations on the fitness center and conference room are expected to begin this year.
The 12.6-acre office building is situated within the center of Peachtree Corners, 11 miles from Alpharetta, Ga., 20 miles from downtown Atlanta, 23 miles from Marietta, Ga., and within 32 miles of Hartsfield-Jackson Atlanta International Airport.
Transwestern’s team of Senior Managing Directors Chip Roach negotiated on behalf of the ownership and is the leasing broker marketing the property.
Signs of improvement
Atlanta’s office vacancy rate showed signs of improvement through 2023, reaching 17.4 percent as of November—marking a significant drop from the 20 percent recorded at the beginning of last year, recent CommercialEdge data shows. In the first two months of 2024, Atlanta’s office vacancy rate continued to be below the national figure, with the February office vacancy rate set at 17.1 percent, while the national rate settled at 17.9 percent, according to a recent CommercialEdge report.
Earlier this month, Westbridge and FCP signed a 45,000-square-foot lease with Construction Resources at Westside Paper, a recently repurposed property totaling 226,889 square feet in Atlanta’s West Midtown. The partnership completed the redevelopment of the former paper manufacturing campus in 2022.
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