CBRE Global Investors – an affiliate of CBRE Group, Inc. (CBG - Analyst Report) – announced the renovation of Atlantic Station’s 201 17th Street building, with the addition of professional technology and artistic suites. The strategic move is in response to the present requirements of flourishing modern tech companies in the region.
Atlantic Station, a 138-acre master-planned mixed-use project, is one of the Southeast region’s premier mixed-use communities and flourishing market in Atlanta. 201 17th Street, a 17-story LEED Gold-certified Class A office tower, is situated at the center of Atlantic Station.
According to the redevelopment plan, CBRE Global Investors will renovate the fourth floor of the office building. The blueprint includes addition of some ultra-modern features – such as moveable partitions (to facilitate firms to extend space without construction costs, building permits or disruption), and raised floors that store electrical wires (to permit companies to quickly reconfigure workspaces). Currently, the 21,681 square feet of space is under construction. Notably, 2 of the 5 available spaces at the particular building have been pre-leased, which evinces a strong demand for the marketplace.
We view the aforementioned move as a strategic long-term investment by CBRE Global Investors. This is expected it to provide the company a considerable up-market potential and boost the iconic property’s value.
Notably, CBRE Global Investors has been making concerted efforts to the long-term success of Atlantic Station. In addition to 201 17th Street, CBRE Global Investors owns 2 nearby apartment communities at Atlanta Station.
Atlanta, in particular the Midtown area, is the flourishing hub of fast-growth tech firms. Significantly, CBRE Global Investors owns 3.6 million square feet of office space across Atlanta, which includes some prominent properties such as – Northcreek Office Park, The Towers at Wildwood Plaza, Wildwood Center and Platinum Tower.
CBRE Global Investors, which is the independently operated associate of CBRE Group, is a global real estate investment management firm. As of Mar 31, 2013, the firm had $90.7 billion worth assets under management.
Currently, CBRE Group carries a Zacks Rank #2 (Buy). Other well performing REITs include Douglas Emmett Inc (DEI - Snapshot Report), Extra Space Storage Inc. (EXR - Snapshot Report) and DuPont Fabros Technology, Inc. (DFT - Snapshot Report), all of which have the same Zacks rank as CBRE Group.