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The Inside Scoop on the People & Places that Shape Atlanta Real Estate | |
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 10 Deals to Crow About 2009 proved to be an extremely tough
year for Atlanta commercial real estate. Deals stalled, companies shut
down and tenants asked for $100-a-foot TI allowances. That said, some
very large and really cool deals still got done. Here's the Rooster's list of top deals.
Eola Capitalizes on Peachy Opportunities
In a deal that Eola Capital kept amazingly
quiet (until the Rooster got word of it, of course), the Orlando-based
company gained control of several landmark Atlanta office properties
previously owned by America's Capital Partners. Eola's $1.1 billion
buyout of ACP's managing partner positions in Peachtree Center, 10
Ten Street (formerly Millennium in Midtown) and Piedmont 14 catapulted
Eola to regal status in Atlanta. Breaking the news about the transaction
helped put Real Estate Rooster on the map.

Autotrader.com Rolls to Perimeter Summit
After initially flirting with some
of the glitzy-but-empty new Buckhead office towers and 64 Perimeter
Center East, AutoTrader.com picked Perimeter Summit as its new home.
The opportunity for great signage very close to parent Cox Enterprises
proved too big a lure for the online auto trading empire. Technically,
this deal is not done, but CB Richard Ellis Vice Chairman John Shlesinger
is said to be working his magic to ensure all the pieces fall into place.
This likely will include relocating some tenants such as Hewitt Associates.
The deal was syrupy sweet for CB Richard Ellis because CBRE's Eric
Ross and Brad Jancik serve as landlord reps in the deal.

NCR Relocates to Gwinnett, Soaks Up
Satellite Place Spec Space
The June 1 announcement that ATM-maker
NCR Corp. would relocate its headquarters to Gwinnett County cheered
up the moribund office market. And by the fall, the tangible results
of the relo came to light as NCR signed a 10-year lease for 120,000
square feet at 700 Satellite Place. Chalk up another deal for John Ferguson
and John Shlesinger of CBRE. John Bell and Sarah Smith of Crescent Resources
represented the landlord.

Starwood Offers "Condo-lences"
to Corus Bank
In October, Barry Sternlicht's Starwood
Capital Group won the bidding contest for the assets of the failed Corus
Bank, and reverberations of the $2.8 billion deal were felt across Atlanta.
Corus' loans helped fund The Atlantic at Atlantic Station, The
Brookwood in tony Buckhead, The Reynolds in sort-of Midtown, One River
Place in Sandy Springs. The Atlantic and Brookwood, both beautiful buildings,
sit in a zombie-like state, waiting for Starwood to decide what to do
with the condo towers.

BlackBerry Builds Clandestine Center
in Alpharetta
When Research In Motion, maker of the
popular BlackBerry smart phone isn't scrambling to restore lost service,
it's quietly making deals for data centers. Last spring, RIM completed
a top-secret deal for a new data center on 40 acres near North Point
Mall in Alpharetta. Two related companies, Holder Properties and Holder
Construction, hit pay dirt on this techie transaction.

AJC Departs Downtown Digs for Dunwoody
In a shocking development that would
have warranted huge headlines if the paper itself were not the subject,
The Atlanta Journal-Constitution completed a lease for space at 223
Perimeter Center West. The AJC signed for 127,823 square feet at the
Macy's Southeast building, according to Colliers Spectrum Cauble.
The paper, which has been shrinking its staff and number of pages lately,
will vacate its long-time home on Marietta Street this year. John Shlesinger,
who has a great relationship with the Cox family, represented the paper.

Marsh Marches to Tune of Two Alliance
The deal that had been talked about,
tweeted about and texted about for months finally was consummated in
July. Insurance conglomerate/risk advisor Marsh leased about 125,000
square feet at Tishman Speyer's Two Alliance Center, which really
needed this lease. Chris Ahrenkiel represented Tishman Speyer. Cushman
& Wakefield's Team JOW - Travis Jackson, John O'Neill, Chris
White and Addison Meriwether - represented Marsh and probably got their
client an incredibly high TI allowance.

KPMG Keeps it Downtown
In September, the Rooster reported
that "downtown boosters apparently have helped persuade KPMG to stay
downtown." By year end, the accounting firm struck a deal with
Portman Holdings to renew at SunTrust Plaza for about 150,000 square
feet. Tenant rep credit (and hopefully full commission) goes to the
Cushman & Wakefield team of Andy Ghertner, John Izard, Ian Henderson
and John Winter. 
Rockefeller Hopeful General Mills Deal
Makes it Cereal Developer in Atlanta
Rockefeller Developer Group Corp. entered
the Atlanta industrial market in a huge way by being selected to develop
a 1.5 million-square-foot distribution center in Social Circle for Cheerios-maker
General Mills. King Industrial President Sim Doughtie, who in partnership
with William P. Nichols and Jim Schnir of Corporate Service Consortium,
represented General Mills, said the $42 million development would be
one of the largest DC's ever built to Silver LEED certification standards.

Majestic Makes Kraft-y Deal in South
Fulton
Stan Conway of Majestic Realty Co.
continued his streak of megadeals this year by completing a deal with
Kraft Foods Inc. for a build-to-suit distribution center in Union City.
The center is being built at Majestic's Airport Center III. Carr Carothers,
director of leasing and development at Majestic, helped make the deal
happen for the landlord. Ray Stache of Cushman & Wakefield represented
Kraft and is said to still have a "cheesy" smile on his face since
it was completed.
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