Westbridge, FCP Sign New Tenant in Atlanta
Westbridge and FCP, the developers of a repurposed paper manufacturing campus in Atlanta’s West Midtown, have signed a lease with Construction Resources, which will open a design center there in early 2025.
Called Westside Paper, the recently redeveloped property totals 226,889 square feet, according to CommercialEdge data. The new tenant, which caters to residential builders and contractors, has agreed to occupy 45,000 square feet, the Atlanta Business Chronicle reported.
Local boutique real estate developer Westbridge and FCP, a privately held real estate investment company based in Chevy Chase, Md., partnered to redevelop the 70-year-old former paper manufacturing plant at 950 W. Marietta St. In addition to the adaptive reuse, the 15-acre site includes 65,000 square feet of new construction.
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Completed in late 2022, Westside Paper is along the Atlanta BeltLine Northwest Spur, under construction as part of the multi-use trail and light rail transit system being built largely on former railroad rights-of-way around central Atlanta.
In addition to Construction Resources, the partners have recently announced a long-term lease by Proof of the Pudding, Atlanta’s largest caterer, for an event venue at Westside Paper.
Brad Pope of JLL represented Construction Resources, and Shelbi Bodner of Bridger Properties represented the owners.
Commercial Property Executive was unable to reach Westbridge for additional information.
Construction Resources was founded in 1970 in Decatur, Ga., as Atlanta Marble Manufacturing, selling cultured marble. After decades of in-house growth and diversification, along with a merger, the company took its current shape, as a provider of specialty building and design products, as well as installation and aftermarket services.
Atlanta’s troubled office market
Despite a growing economy and employment gains in the region, metro Atlanta’s office market rose to an overall 23.8 percent vacancy in the fourth quarter, according to a January report from Cushman & Wakefield. The CBD and suburban submarkets are about even in this respect.
Net absorption was negative in both the third and fourth quarters, though Cushman & Wakefield notes that fourth-quarter losses were worsened “by six suburban tenants vacating spaces 50,000 square feet or greater.”
There is at least one bright spot in the report, which is that the office construction pipeline seems ready to contract.
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