Transaction means how the US office market stabilizes; markets such as Atlanta have returned to pre-pandemic office rental levels
ATLANTA-JLL today announced that its Capital Markets group has 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 variable rate loan. The proceeds were used to refinance the debt of Ardent’s existing holdings within Piedmont Center as well as the acquisition of four additional buildings in 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 a variety of amenities, including world-class shopping, museums, art galleries and entertainment venues. The area is served by major arteries such as Georgia 400, Lenox, Peachtree and Roswell Roads as well as a Marta station serving the entire Atlanta area.
Built in several stages between 1977 and 1998, the Piedmont Center has recently undergone renovations to the exterior and amenity areas with additional improvements planned for the next few years. The diverse list of tenants in the portfolio includes companies in the high growth healthcare, technology and professional services sectors.
JLL’s Capital Markets team representing the borrower was led by Senior Managing Director Ed Coco and Senior Managing Director Matt Casey.
Additionally, JLL’s brokerage team led by Jeff Taylor and David Horne won the lease for buildings 5 to 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 with larger mixed-use facilities and a desired environment in today’s market. ‘hui,’ Coco said. “We look forward to seeing the transformation in the years to come. “
“With this purchase, we continue to demonstrate our opportunistic investment strategy while leveraging our relationships to secure capital,” said Scott Werbel, CEO of Ardent. “This agreement underscores Ardent’s commitment to the office industry in our key markets, and we will continue to pursue these opportunities as we expand our geographic footprint. “
According to JLL’s Second Quarter Office Outlook, the US office market is stabilizing and overall transaction volume rose 28.7% in the second quarter as tenants begin to close long-awaited deals. In growing markets, leasing is now 10% higher over the year, and in markets such as Atlanta, office leasing has returned to pre-pandemic levels.
JLL’s Capital Markets group is a global full-service provider of capital solutions for real estate investors and occupants. The company’s in-depth knowledge of the local market and global investors provides the best solutions for clients, whether it is investment advice, debt placement, equity placement or recapitalization. The company has more than 3,700 capital markets specialists around the world with offices in nearly 50 countries.
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