The Griffin Co. is planning an 11-story, Class-A office condo building in the heart of Atlanta. The 1.6-acre tract was acquired in May from CLC Enterprises and the company will start construction of the $20 million, 145,000 sq. ft. building in the first quarter of 2004. The developer will offer pre-sales during construction, slated to be finished by the first quarter 2005, and is currently in talks with potential tenants requiring at least two floors of office space.
"We expect strong demand from professional firms that want to own their office space," says Joel Griffin, chairman of The Griffin Co. "With today’s low interest rates, stock market volatility and the tax advantages that come with ownership, this is a great investment opportunity for companies that want to occupy — and own — prime office space and take advantage of all that Buckhead, Midtown, Downtown and other in-town neighborhoods have to offer."
1820 Peachtree will include two levels of retail totaling 12,300 sq. ft. facing Peachtree Street. The area around 1820 Peachtree, which includes Piedmont Medical Center, the retail/multifamily Brookwood Place development, clusters of restaurants and a blend of separate office, apartment and residential condo buildings, is one of the Atlanta’s mixed-use success stories.
"While there continues to be softness in Buckhead and Midtown office leasing, we have seen increased demand for and a lack of supply of for-sale office space in these submarkets," says Marc Fritz, senior vice president of The Griffin Co. "If you also consider the current low interest rates and the consistent increase in real estate values in Atlanta, it makes more sense than ever to own your office space."