Lincoln Property Company Southeast (Lincoln) has been awarded the exclusive management and leasing assignments for Midtown Plaza One and Two, a Class-A, two-building office complex in the heart of Atlanta’s thriving Midtown submarket. LPC Realty Advisors, a Lincoln affiliate, purchased the 506,108-square-foot complex, along with the adjacent and vacant 39,000-square-foot 1372 Peachtree Street, on behalf of a state pension fund.
Hunter Henritze and Michael Howell, each a vice president of office leasing for Lincoln, will oversee the leasing of Midtown Plaza, which includes One Midtown Plaza, located at 1360 Peachtree Street, and Two Midtown Plaza, located at 1349 West Peachtree Street. In recent years, over $5 million of capital improvements have been made to the building’s systems and common areas, and the new ownership will continue this re-investment program. Lincoln’s planned renovations will address building lobbies and corridors, tenant restrooms, building amenities and parking garage enhancements, as well as additional building systems upgrades. Immediate plans call for making a ground-floor lobby space in One Midtown Plaza available to an upscale restaurant group that could take advantage of the prominent position on Peachtree Street and the generous outdoor plaza to create a dynamic dining experience.
Lincoln’s assignment comes as Midtown’s popularity as a destination for companies and residents continues to grow. NCR’s decision to build a new world headquarters in the area and Worldpay’s move of its headquarters to an Atlantic Station office tower are two high-profile examples of the momentum in the Midtown submarket. Today, almost 3,000 new apartment units are under construction or about to break ground in Midtown, according to the Midtown Alliance.
Over the past three years, Atlanta’s Class A office market has absorbed more than 7.3 million square feet of space, 76 percent of which has been in the “urban core” submarkets of Midtown, Buckhead and the Central Perimeter. And as perhaps the metro area’s only true 24/7 market, Midtown is the site of a wide array of restaurants, shops, hotels and cultural attractions.
Midtown Plaza offers immediate access to the I-75/I-85 Downtown Connector and the Arts Center MARTA station. Amenities include a fitness center, conference center, café, bank, 24-hour security, car wash and electric vehicle charging stations.
“The vibrancy of the Midtown market and its ever-growing appeal to office tenants are undeniable,” Howell said. “Simply put, a market like Midtown is exactly where today’s employees want to be. It’s walkable, offers easy access to public transit, has great restaurants and entertainment venues, and the numerous apartments and townhomes in the area allow workers to live near their offices.”
“With all of those factors in play and the outstanding location at 17th and Peachtree providing outstanding interstate access and direct connectivity to the amenity base of Peachtree Street and Atlantic Station, we couldn’t be more optimistic about the future of Midtown Plaza,” Henritze added. “It will be a powerful draw for office tenants.”