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| Piedmont Center, a 14-building, 2.2 million-SF Class A office complex in Atlanta, GA |
ATLANTA,
GA, Aug. 5, 2021 – JLL announced today
that its Capital Markets group arranged a $421.8 million financing for Piedmont
Center, a 14-building, 2.2 million-square-foot, Class A office complex in
Atlanta, Georgia.
JLL worked
on behalf of the borrower, The Ardent Companies, to secure the floating-rate
loan.
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| Ed Coco |
Proceeds were used to refinance the debt of Ardent’s existing holdings within Piedmont Center plus the acquisition of four additional buildings within the office complex.
Piedmont
Center is located on 45.5 acres at 3495-3575 Piedmont Rd. NE in the affluent
Buckhead submarket.
Buckhead
is just four miles north of Midtown Atlanta and offers diverse amenities,
including world class shopping, museums, art galleries and recreation venues.
The
area is served by major thoroughfares such as Georgia 400, Lenox, Peachtree and
Roswell Roads as well as a Marta station providing service throughout the
Atlanta area.
Built
in various stages between 1977 and 1998, Piedmont Center recently underwent
renovations to its exterior and amenity areas with additional improvements
planned over the next few years.
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| Matt Casey |
The diverse tenant roster across the portfolio includes firms in the high-growth industries of healthcare, technology and professional services.
JLL’s Capital Markets team representing the borrower was led by Senior Managing Director Ed Coco and Senior Director Matt Casey.
Additionally,
JLL’s brokerage team led by Jeff Taylor and David Horne won the
assignment to lease Buildings 5-8.
“Through
its consolidation of ownership within Piedmont Center, Ardent has created a
huge opportunity to reinvent the office campus into a more dynamic workplace
setting with greater mixed-use amenities and an environment desired in today’s
market,” Coco said. “We look forward to seeing the transformation in the years
ahead.”
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| Jeff Taylor |
“This
deal underscores Ardent’s commitment to the office sector in our key markets,
and we will continue to look for these opportunities as we expand our
geographic footprint further.”
According to JLL’s Second Quarter Office Outlook, the U.S. office market is stabilizing and overall transaction volume rose by 28.7 percent in second quarter as tenants begin to execute long-awaited deals.
In growth markets leasing is now 10 percent higher over the
year, and in markets such as Atlanta, office leasing has recovered to
pre-pandemic levels.
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| Scott Werbel |
The firm's in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment advisory, debt placement, equity placement or a recapitalization.
The firm has more than 3,700 Capital Markets
specialists worldwide with offices in nearly 50 countries.
CONTACT:
Kristen Murphy
Senior Manager
Public
Relations
Investor Services
JLL
One Post Office Square, Suite 3500
Boston, MA 02109
T +1 617 848 1572
M +1 617 543 4873
