Investment Re-Affirms Presence and Conviction
in Midtown Atlanta Market
SAN
FRANCISCO, July 24, 2024 /PRNewswire/ -- Shorenstein
Investment Advisers ("Shorenstein"), an owner and operator of
high-quality office, residential and mixed-use properties across
the U.S., today announced its acquisition of 14th & Spring
("the Property"), a 12-Story, Class A office tower in Atlanta.
The 324,000-square foot office tower is located in the heart of
Midtown Atlanta, accessible to Downtown Connector, and within
walking distance of Atlanta's
hotels, multifamily homes, retail and dining attractions. The
Property is designed to prioritize a welcoming experience for all
tenants, including outdoor balcony spaces, collaboration hubs, an
expansive lobby, as well as amenities such as a coffee shop and
fitness center. The Property also has multiple signage
opportunities in the Midtown skyline and below deck parking.
"Our investment in 14th & Spring was a rare opportunity to
acquire a Class A property in a prime location," said
Claude Esposito, Vice President at
Shorenstein. "We closed without any financing and plan to make
a significant follow-on investment in the asset with a capital plan
to enhance common areas and further expand the amenity offerings.
Having acquired the property at an attractive basis, we look
forward to offering future tenants an exceptional value proposition
for such a high-quality property."
To support its capital improvement plans, Shorenstein has
appointed ASD | SKY to reposition the lobby, enhance the exterior,
update the building entrance and expand amenity offerings. Murphy
Meyers has also been selected to design a full floor of spec of
suites in various size ranges, to be constructed immediately.
This investment underscores Shorenstein's continued confidence
in the Atlanta market and builds
on past investments in the region, including Shorenstein's six-year
revitalization of the Bank of America Plaza – the tallest tower in
the Southeast – into a landmark of modernity and efficiency.
Supporting Shorenstein in this venture is CBRE's leasing team,
led by Jeff Keppen, Nicole Goldsmith and Kyle Kenyon, who also played a role in the Bank
of America Plaza transformation. The team will be bolstered by new
member Maddie Nagley.
CBRE's Nicole Goldsmith expressed
conviction in the project, adding, "We are confident we'll
replicate the tremendous leasing success at 14th & Spring that
we achieved with Shorenstein at Bank of America Plaza. This asset
offers the access, amenities and flexibility that today's tenants
are looking for."
About Shorenstein
Shorenstein is a
privately-owned, real estate firm that, through affiliated
entities, owns and operates high-quality office, residential and
mixed-use properties across the U.S., with offices in San Francisco and New York. Since 1992, Shorenstein has acquired
$19 billion in assets (as of
December 31, 2023). Using its
integrated investment and operating capabilities, the firm seeks to
take advantage of opportunities that, at the particular time in the
investment cycle, offer attractive returns. Investments have
included ground-up developments, asset repositioning and stabilized
assets; investment structures have included asset acquisitions,
mezzanine loans, preferred equity investments and structured joint
ventures. More information is available at
www.shorenstein.com.
Contact:
Sarah Salky /
Madeline Jones
Joele Frank, Wilkinson Brimmer
Katcher
212.355.4449
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SOURCE Shorenstein Properties LLC