Is AIG leaning toward Atlanta?
As AIG mulls a major corporate consolidation in either Atlanta or Dallas, new signs indicate the insurance giant might be leaning toward Atlanta. The potential consolidated office operations — under the economic development moniker Project Red Zone — are using CBRE for its search for at least 500,000 square feet and, according to the Dallas Morning News, “early signs are that Atlanta is the favorite for the move.”
REIT makes first move into Atlanta market
EastGroup Properties Inc. is making its first entry into Atlanta’s commercial real estate market. The Atlanta Business Chronicle reports that in a February earnings call, the REIT’s CEO told analysts of plans to close on the purchase of a three-building, 238,000-square-foot property along Georgia 400. In other markets, EastGroup is known for buying and developing warehouses.
New development planned near Avondale MARTA
Alliance Realty Services LLC wants to rezone almost nine acres at East Ponce de Leon and North Arcadia avenues for up to 270 apartments and a grocery store, according to an application to DeKalb County. The project would also include additional retail space. Two more transit-oriented projects are either in planning or underway around the Avondale MARTA station. The largest is an $80 million development with 288 apartments, 92 affordable senior housing units, and 22,000 square feet of commercial space.
State Farm mega-campus kicks off second phase
State Farm Insurance Co.’s 2.2 million-square-foot campus is kicking off its second phase, further distancing Dunwoody from its suburban roots, with a new walkable district connected by transit and lined with street-level retail. The Business Chronicle notes that over the next five years, the expansion of the State Farm campus — officially known as Park Center — promises to “convert Hammond Drive from a morning and afternoon thoroughfare to a corridor that shares some of the urban feel of intown Atlanta.” Park Center is the largest corporate office project in metro Atlanta’s history – and State Farm would eventually house at least 8,000 employees there.
Crescent lands financing for Sandy Springs project
Charlotte-based Crescent Communities is moving forward on its planned Central Perimeter apartment project, a 320-unit complex at 5755 Glenridge Road in Sandy Springs within the Lakeside office park complex. Crescent Perimeter is the second project in the firm’s Atlanta pipeline; the other is a 2.2-acre site at North Avenue and Arnold Street in Midtown in the heart of the Old Fourth Ward.