1998 Top Office Developers Survey NREI is pleased to present our ranking of the dozen top office developers, based on office space under construction in calendar year 1997.
If your company was not listed, but you feel it should be next time, contact Surveys Managing Editor Martha Reid at (770) 618-0160.
1 Hines 2800 Post Oak Blvd., 50th Fl. Houston, TX 77056-6118 Tel: 713 621-8000; Fax: 713 966-2053 Website: www.Hines-ww.com Sq. Ft. office under const. in '97: 9,636,611 % total under const. that was office in '97: 61% Officers: Gerald D. Hines, Chr.; Jeffrey C. Hines, Pres.; Louis S. Sklar, Kenneth W. Hubbard, C. Kevin Shannahan, E. Staman Ogilvie, James C. Buie, Michael J.G. Topham and Clayton T. Stone, Exec. VPs; C. Hastings Johnson, Exec. VP/CFO; David Kelley, Sr. VP, Devel; Ann McGonigle Kifer, VP, Mktg./Corp. Comm.; John A. Harris, Sr. VP, Design/Const.; Steve Peterson, VP, Asset Mgt.
2 ALP Associates 12400 Wilshire Blvd., Ste. 1450 Los Angeles, CA 90025 Tel: 310 826-3174; Fax: 310 826-9504 E-Mail: [email protected] Sq. Ft. office under const. in '97: 7,000,000 Goal for office for 1998: 8,000,000 Sq.Ft. Officers: Arnold Porath, Pres./CEO
3 Opus Group of Companies 800 Opus Center, 9900 Bren Road E. Minnetonka, MN 55343 Tel: 612 936-4444; Fax: 612 936-4529 Sq. Ft. office under const. in '97: 6,717,046 % total under const. that was office in '97: 33% Goal for office for 1998: 12,104,326 Sq.Ft.% of total goal that is office for '98: 55% Officers: Gerald Rauenhorst, Founder; Keith Bednarowski, Pres./CEO, Opus U.S. Corp.; Mark Rauenhorst, Pres./CEO Opus NW LLC and Opus Corp.; Joe Rauenhorst, Pres./COO, Opus East LLC; James Nygaard, Pres./CEO, Opus North Corp.; Neil Rauenhorst, Pres./CEO, Opus South Corp.; Thomas Roberts, Pres./CEO, Opus West; Jack Crocker, Pres./CEO, Opus Nat'l L.L.C.
4 Faison & Associates 5 Concourse Pkwy., Ste. 2000 Atlanta, GA 30328-6111 Tel: 770 698-2200; Fax: 770 698-2222 Parent Org.: Faison - Charlotte, Charlotte, NC Sq. Ft. under const. in '97: 6,705,221 % total under const. that was office in '97: 40% Officers: Morris Ewing, Pres./CEO; Ed Nutting, Pres./CEO, Brokerage Div.; Larry Pantlin, VP, Dev.; Peter Pelt, VP, Leasing; Gordon Miller, VP Mktg./Corp. Comm.; John Tenant, VP, Design & Const.; Holly Darby, VP, Asset Mgt.
5 Koll Real Estate Group, Inc.4343 Von Karman Ave. Newport Beach, CA 92660 Tel: 714 833-3030; Fax: 714 474-1084 Website: www.kollregroup.com Sq. Ft. office under const. in '97: 3,308,000 % total under const. that was office in '97: 26% Goal for office for 1998: 10,200,000 Sq.Ft. % of total goal that is office for '98: 34% Officers: Donald M. Koll, CEO; Richard M. Ortwein, Pres.; Raymond J. Pacini, CFO
6 LaSalle Partners Inc. 200 E. Randolph Dr., Chicago, IL 60601 Tel: 312 782-5800; Fax: 312 782-4339 Website: www.lasalle.com Sq. Ft. office under const. in '97: 3,084,619 Officers: Charles K. Esler, Jr., CEO, LaSalle Ptrs. Mgt. Svcs. Inc.; Lizanne Galbreath and Hossein Youssefi, Mng. Dirs., LaSalle Ptrs. Dev. Inc.; Peyton H. Owen, Jr., Exec. VP, LaSalle Ptrs. Mgt. Svcs. Inc.; Molly A. Kelly, Prin., Mktg. Comm. Consortium
7 CarrAmerica Development & Construction Inc. 1700 Pennsylvania Ave., N.W., Washington, DC 20006 Tel: 202 624-7500; Fax: 202 347-6766 Website: www.carramerica.com Parent Org.: CarrAmerica Realty Corp., Washington, DC Sq. Ft. office under const. in '97: 3,000,000 % total under const. that was office in '97: 100% Officers: Robert Peterson, Mng. Dir., Dev.; Tom Yockey, Sr. VP, Dev.; Robert Stuckey, Pres.; Jamie Williams, Sr. VP, Design & Const.
8 Carter & Associates*ONCOR 1275 Peachtree St., N.E. Atlanta, GA 30367 Tel: 404 888-3237; Fax: 404 888-3006 E-Mail: [email protected] Sq. Ft. office under const. in '97: 2,620,000 % total under const. that was office in '97: 78% Goal for office for 1998: 3,000,000 Sq.Ft. Officers: William A. Mitchell, Pres./CEO; Phil Stevenson, VP, Dev.; George McKenney, VP, Leas.; Hardin M. Byars, VP, Mktg./Corp. Comm.; Trent Germano, VP, Design/Const.; Jim Erickson, VP, Asset Mgt.
9 Trammell Crow Co. 2001 Ross Ave., Ste. 3400 Dallas, TX 75201-2997 Tel: 214 863-3000; Fax: 214 863-3125 Website: www.trammellcrow.com Sq. Ft. office under const. in '97: 2,600,000 % total under const. that was office in '97: 29% Officers: George Lippe, Pres./CEO; Bob Sulentic, VP, Dev.; Barbara Bower, VP, Mktg./Corp. Comm.
10 The Alter Group 7303 N. Cicero, Lincolnwood, IL 60646 Tel: 847 676-4300; Fax: 847 676-4302 Sq. Ft. office under const. in '97: 2,285,000
1998 Top Office Owners Survey NREI is pleased to present our ranking of the dozen top office owners, based on office space in their portfolios as of Dec. 31, 1997.
If your company was not listed, but you feel it should be next time, contact Survey Managing Editor Martha Reid at (770) 618-0160.
1 LaSalle Partners Inc. 200 E. Randolph Dr. Chicago, IL 60601 Tel: 312 782-5800; Fax: 312 782-4339 Website: www.lasalle.com Sq. Ft. office in portfolio '97: 42,900,000 Officers: Charles K. Esler, Jr., CEO of LaSalle Ptrs. Mgt. Svcs., Inc.; Lizanne Galbreath, Mng. Dir., LaSalle Ptrs. Dev., Inc.; Hossein Youssefi, Mng. Dir., LaSalle Ptrs. Dev., Inc.; Peyton H. Owen, Jr., Exec. VP, LaSalle Ptrs. Mgt. Svcs., Inc.; Molly A. Kelly, Prin., Mktg. Comm. Consortium
2 Equity Office Properties Trust Two N. Riverside Plaza Chicago, IL 60606 Tel: 312 466-3300; Fax: 312 454-0332 E-Mail: [email protected] Website: www.equityoffice.com Sq. Ft. office in portfolio '97: 41,008,997 Officers: Timothy H. Callahan, Pres./CEO; Peter D. Johnston, Sr. VP, Leasing; Frances P. Lewis, Sr. VP Mktg./ Corp. Comm.; Frank Frankini, Sr. VP, Design & Const.; Michael E. Sheinkop, Sr. VP, Asset Mgmt.
3 TrizecHahn Corp. 181 Bay St., Ste. 3900 Toronto, Ont., CN M5J 2T3 Tel: 416 361-7200; Fax: 416 361-7205 E-Mail: [email protected] Sq. Ft. office in portfolio '97: 39,300,000 % of total portfolio that was office in '97: 63% Goal for office for 1998: 43,200,000 Sq.Ft. % of total goal that is office for '98: 65% Officers: Gregory Wilkins, Pres./COO; Peter Munk, Chm./CEO
4 Brookfield 181 Bay St., Toronto, Ontario, CN M5J 2T3 Tel: 416 369-2300; Fax: 416 369-2302 Sq. Ft. office in portfolio '97: 37,200,000 Officers: Bill Pringle, Pres./CEO
5 Hines 2800 Post Oak Blvd., 50th Fl. Houston, TX 77056-6118 Tel: 713 621-8000; Fax: 713 966-2053 Website: www.Hines-ww.com Sq. Ft. office in portfolio '97: 32,465,246 % of total portfolio that was office in 97: 85% Officers: Gerald D. Hines, Chr.; Jeffrey C. Hines, Pres.; Louis S. Sklar, Kenneth W. Hubbard, C. Kevin Shannahan, E. Staman Ogilvie, James C. Buie, Michael J.G. Topham and Clayton T. Stone, Exec. VPs; C. Hastings Johnson, Exec. VP/CFO; David Kelley, Sr. VP, Devel; Ann McGonigle Kifer, VP, Mktg./Corp. Comm.; John A. Harris, Sr. VP, Design/Const.; Steve Peterson, VP, Asset Mgt.
6 Heitman Capital Management Corp. 180 N. LaSalle St. Chicago, IL 60601 Tel: 312 855-5700; Fax: 312 855-5803 Parent Org.: Heitman Financial Ltd., Chicago, IL Sq. Ft. office in portfolio '97: 28,757,000 % of total portfolio that was office in'97: 24% Goal for office for 1998: 20,469,000 Sq.Ft. % of total goal that is office for '98: 26% Officers: Charles Wurtzebach, Pres./CEO; David Latvaaho, Pres., Leas., Heitman Properties Ltd.; Mary Ludgin, COO; Jerry Powalish, Pres., Const., Heitman Properties Ltd.; Tom McCarthy, Mng. Dir., Portfolio Mgt.
7 Gale & Wentworth LLC 200 Campus Dr., Ste. 200 Florham Park, NJ 07932 Tel: 973 301-9500; Fax: 973 301-9501 Sq. Ft. office in portfolio '97: 21,200,000 % of total portfolio that was office in '97: 99% Officers: Stanley C. Gale, Finn Wentworth, Princs.; Mark Yeager, Pres., Comm'l Group
8 Mack-Cali Realty Corp. 11 Commerce Dr. Cranford, NJ 07016 Tel: 908 272-8000; Fax: 908 272-6755 Website: www.mack-cali.com Sq. Ft. office in portfolio '97: 21,100,000 % of total portfolio that was office in '97: 98% Officers: Mitchell Hersh, Pres./COO; Thomas Rizk, CEO; Brant Cali, Exec. VP/Sec.; Jim Nugent, Sr. VP, Leas.; Virginia Sobol, Dir. of Invest./PR; Al Spring, Jim Mertz, Greg Berger, VPs, Opers.
9 The Principal Financial Group 711 High St., Des Moines, IA 50392-0840 Tel: 515 248-4227; Fax: 515 248-8090 Parent Org.: Principal Mutual Life Insurance Co., Des Moines, IA Sq. Ft. office in portfolio '97: 20,000,000 % of total portfolio that was office in '97: 23% Goal for office for 1998: 20,000,000 Sq.Ft. % of total goal that is office for '98: 23% Officers: Dennis Francis, VP, Comm. R.E..; Greg Hauser, VP, Comm. R.E. Loans; Steve Graves, 2nd VP, Comm. R.E. Loans; Randy Mundt, 2nd VP, Comm. R.E. Equities; Ralph Eucher, 2nd VP, Comm. R.E.; Pat Halter, Dir., Advisory Svcs.
10 CarrAmerica Realty Corp. 1700 Pennsylvania Ave., N.W., Washington, DC 20006 Tel: 202 624-7500; Fax: 202 347- 6766 Website: www.carramerica.com Sq. Ft. office in portfolio '97: 18,700,000
There's no time like the present to build office buildings in Atlanta, but this new-build may be among the last of a vanishing breed.
There's a lot to be said for being one of the first projects out of the ground in any given market. That is certainly the case with Atlanta-based Cousins Properties and its new high-rise office building now going up at the corner of Peachtree Street and Phipps Boulevard. in Buckhead. At presstime, the 415,000-sq.-ft. tower was already 38% leased to three major tenants and still nine months from completion.
In this, the second in our ongoing series about the development and leasing of this major new office tower in Atlanta (part one appeared in NREI, November 1997), we wanted to bring you up to date on the building's progress and probe the questions behind its continued leasing success.
This makes two highly successful new office prizefighters -- on near-opposite corners of the same market -- in the past 18 months. The first tower into the latest development cycle was Monarch Tower, the 531,000-sq.-ft. job by Equitable Real Estate that was nearly 100% leased up long before its completion and is still considered one of the market's most successful ventures in the last 10 years. Now along comes the second major entrant in the market, and it too is sitting pretty.
But the window of opportunity in office development is often fleeting, and other major projects planned for the area have now been put on indefinite hold while awaiting significant new tenant signings.
In fact, if you look at the building numbers for metro Atlanta, there are some pretty astonishing statistics. It's obviously true that Atlanta is a tenant's market right now, particularly since the city leads the nation in new office starts with something on the order of over 4.2 million sq. ft. under construction. Many more sq. ft. are in the planning stages.
Many of the new tenants attracted to the latest generation of office buildings are market movers. In particular, the Buckhead market has attracted tenants thanks to its central location, and the area's retail and entertainment environment is unparalleled in the area.