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| Rendering courtesy North American Properties Colony Square, Midtown Atlanta, GA |
HOUSTON, TX –– Holliday Fenoglio Fowler, L.P. (HFF) announces
the $278.4 million financing of Colony Square, a mixed-use office and
retail asset located in the heart of Midtown Atlanta, Georgia.
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| Colby Mueck |
The iconic,
50-year-old destination represents the first mixed-use development in the
Southeast and today, it is being reimagined into Midtown’s Living Room – an
activated, arts-infused gathering place for the urban neighborhood’s 20,000
residents, 70,000 office workers, 25,000 college students and 6.1 million
annual visitors to commune.
The HFF team worked on behalf of the borrower, Lionstone Investments and
North American Properties, to secure the loan through Blackstone Mortgage Trust
(NYSE: BXMT).
Loan proceeds were used to retire the existing loan and
fund future redevelopment plans for the asset.
Colony Square currently comprises two office buildings (Buildings 100 and
400) totaling 723,470 square feet of office space atop ground floor
retail.
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| Libby Malloy |
The redevelopment of the landmark project, which is already
underway, will include renovating the existing ground floor retail in Building
100 and 400.
The street-level component will feature a collection
of unique-to-market retail and chef-driven restaurants, such as Iselle Kitchen + Bar and its artfully
prepared, West Coast-influenced Italian cuisine.
The next phase will include the construction of additional office and
retail space.
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| Ed Coco |
The retail component
is 79 percent preleased to the highly anticipated food hall and iPic, an experiential movie theater with nine auditoriums, all
equipped with 4K digital cinema technology; farm-to-glass cocktails with
“ninja-like” servers; and a restaurant by three-time James Beard award-winning
Chef Sherry Yard.
The final phase of construction will include a
100,000-square-foot office tower (Building 500) with 18,000 square feet of
ground floor retail on the northwest corner of the site.
With a highly programmed public realm, energized streets and a
best-in-class merchandise mix, the reimagined Colony Square will feature
more than one million square feet of premier office and retail space upon
completion in late 2020.
The property’s location at the corner
of 14th and Peachtree Streets, known in Atlanta as “Main and
Main,” is one of the most highly trafficked in the city, exposing the community
to more than 25,000 cars and thousands of pedestrians daily.
Additionally, Colony Square is located close to the
Interstate 75/85 connector and is a short walk from the MARTA Arts Center
station.
The HFF debt placement team representing the borrower included senior
managing directors Colby Mueck and Ed Coco, associate Libby
Malloy and analyst Laura Sellingsloh.
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| Laura Sellingsloh |
Lionstone Investments is a
registered investment adviser subsidiary of Columbia Management Investment
Advisers, LLC. For more information, please visit lionstoneinvestments.com.
Headquartered in Cincinnati, with offices in
Atlanta, Dallas and Fort Myers, North American Properties has developed 22
million square feet of commercial space and 19,000 residential units in 15
states and 67 cities.
In the past three years, North
American Properties has launched 36 projects totaling $1.1 billion in total
capitalization.
CONTACTS:
COLBY MUECK
HFF Senior
Managing Director
(713) 852-3500
ED COCO
HFF Senior Managing Director
(404) 832-8460
KRISTEN MURPHY
HFF Director, Public
Relations
(617) 338-0990
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