ATLANTA, GA (July 5, 2011) - Parkside Partners, LLC, an Atlanta based commercial real estate development and brokerage firm, said today it acquired the building at 1440 Dutch Valley Place (top left photo) adjacent to Piedmont Park's expansion and Atlanta Beltline in Midtown.
Parkside acquired the 41,000-square-foot building last month in a short sale, beating out eight other bidders for the property. The seller was an affiliate of Ashwood Development and price approximately $2.7 million.
Parkside has begun a large-scale, seven-figure renovation of the building, which has been renamed Parkside Piedmont. When the work is completed, Parkside's total investment in Parkside Piedmont will total $4.5 million.
The building also has a 16,000-square-foot lower level with a balcony overlooking Piedmont Park. This space already is drawing interest from restaurants.
The planned improvements at Parkside Piedmont include renovating and expanding the lobbies, installing new interior lighting, skylights, openings and exterior awnings, adding a state-of-the-art conference and break room and repainting the entire building.
"The building's location right off the new Piedmont Park expansion and on the Beltline makes it ideal for attracting fast-growing firms seeking office space in a vibrant part of Midtown," Parkside Partners principal Kyle Jenks (middle right photo) said. "We signed several tenants while we have the building under contract, we plan to build on that momentum and attract even more tenants."
The tenant roster at Parkside Piedmont includes Sparkfly and Qoppa Software.
Parkside Piedmont is the 16th project Parkside Partners has acquired and/or renovated since 2003 and brings the firms total investment in metro Atlanta to more than $100 million.
Parkside Partners is recognized as a leader in the development of boutique office buildings, adaptive re-use projects, and office condominium buildings. Since its inception in 2003, Parkside has completed 15 developments totaling over 550,000 square feet of office space in the Atlanta area.
For additional information on Parkside Partners, please visit www.parksidepartners.com
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Contact:
Laura Dudebout
O: 404.965.5023
C: 678.642.4301
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