Bridge Office Announces the Sale of Parkway Center in Suburban Atlanta
Dec 30, 2017
Bridge Office Fund Manager LLC (Bridge Office), an affiliate of Bridge Investment Group LLC (Bridge), is pleased to announce the sale of Parkway Center in Atlanta to The Simpson Group.The seller was represented by Cushman & Wakefield’s David Meline, Samir Idris, Andy Johns, and Stewart Calhoun.
The 16-acre, master-planned office campus is part of the emerging Gateway Marietta Community Improvement District (CID) which has spurred more than $250 million in local public/private investment since 2013, resulting in an impressive revitalization of the district. The property consists of two distinctive 12-story Class A office towers totaling 460,000 SF and is prominently positioned adjacent to I-75 in the Northwest/Cumberland/Galleria submarket.Cushman & Wakefield marketed the property on behalf of Bridge.
Bridge Office invested significantly into repositioning the property including HVAC, collaborative common areas, lobby renovations, a landscape overhaul and parking garage improvements. As an owner-operator, Bridge Commercial Real Estate was responsible for the commercial leasing and property management of the asset during the hold period.
“We saw great opportunity for this property and with an effective business plan we repositioned the asset into a modern, highly-visible, institutional quality office property while working closely with the Marietta CID to improve the overall Franklin Gateway corridor,” said Jeff Shaw, Principal with Bridge Office and CEO of Bridge Commercial Real Estate. “The capital improvements and addition of best-in-class onsite amenities combined with an aggressive, hands-on leasing strategy have made Parkway Center a highly desirable and relevant location for employers in search of office space in the area.”
At the time of the sale, the property had 29 tenants including WellStar Health Systems, Georgia’s largest and fastest growing healthcare system.
Parkway Center sits in an ideal position in Atlanta’s Northwest Submarket and is the only Class A office space for a 12-mile stretch along I-75 between I-285 and I-575. The Northwest Submarket is the city’s largest office submarket containing nearly 23 million SF spanning over 15 miles. The location is a short drive to Historic Marietta Square, East Cobb executive community and the new Atlanta Braves’ SunTrust Park.
About Bridge Office Fund Manager
Bridge Office Manager’s senior management team averages 25 years of experience in the office sector and has been instrumental in the financing, acquisition, leasing and management of 274 properties in the US, completing ~$3 billion of office transactions in prior ventures. The investment team has substantial access to off-market deal flow and in three predecessor funds acquired assets at a 53% average discount to replacement cost. The majority of these transactions were sourced through Bridge’s longstanding industry relationships with asset owners and the brokerage community.
About Bridge Investment Group
Bridge Investment Group is a privately held real estate investment management firm with $8.85 billion in assets under management. Bridge combines its 1,000-person, nationwide operating platform with specialized teams of investment professionals focused on select US real estate verticals, which Bridge believes offer above-market opportunity: Multifamily, Office, Seniors Housing, Affordable Housing and Debt Strategies.
Bridge principals are owners and operators who are deeply rooted in their assets. In-depth knowledge of local markets, as well as extensive real asset and capital markets expertise, enable Bridge to develop prolific deal flow and to deploy active asset management and monitoring across its business lines.