CarterBlog

Carter Continues to Grow the Banks- Plans are to double the size of its residential and retail components

By Laura Swadel, director, Carter

ATLANTA (Nov. 29, 2011) - The Banks mixed-use development in downtown Cincinnati plans to double the size of its residential and retail components.

According to an article in The Cincinnati Enquirer on Sunday, these plans put The Banks a year ahead of schedule with more than $75 million in new private investment.

Carter serves as the master developer for The Banks. By 2019, The Banks will be 1.9 million square feet of new development including 1,000 residential units, a hotel, a new office tower and at least 400,000 square feet of retail space.

The development’s fast-tracked schedule is largely due to a $23 million federal stimulus grant that helped fund a 729-space public parking garage. The deck serves as the foundation for the first phase of the project, which delivered 77,000 square feet of retail space and a 300-unit apartment community, Current at The Banks.  According to the article in The Enquirer, Current is 98-percent leased.

Former Carter Vice Chairman Trent Germano, who oversees The Banks project as a consultant, is pleased with the development’s success, especially considering the current economic climate.

Just last week, the development team was able to secure an important extension from the city and county, giving it another year to attract key retail tenants. Germano hopes to sign four more tenants by early next year.

“Sure, we would have liked to have been five months ahead of where we are in retail leasing by now,” Germano told the Enquirer. “But if we think about the overall economy – and where we’ve come from – we’re still on the front of the curve of seeing improvement. As retailer’s look to expand, we’re high on the list.”

Toby Keith’s I Love This Bar & Grill, Crave and Tin Roof all plan to open next month. These restaurants will join Holy Grail Bar & Grill and Johnny Rockets that opened this year.

Located between the Great American Ball Park and Paul Brown Stadium, The Banks spans 18 acres and features residential, office, retail and restaurant options for all to enjoy. Carter was selected by the City of Cincinnati and Hamilton County to serve as Master Developer for The Banks. Carter also served as Program Manager for the construction of the City and County-funded parking garage and infrastructure components of the project.

To read the complete article that appeared in the Cincinnati Enquirer, click here.

 

Carter Analyzes Q3 Construction Activity

By Todd McCarty, director of marketing, Carter

ATLANTA (Oct. 26, 2011) – Office and industrial numbers for third quarter are in and we know our Carter blog readers would be interested in an update.

According to numbers from CoStar, the amount of speculative office space under construction in metro Atlanta increased in third-quarter 2011.

At the end of the quarter, 420,150 square feet of speculative office space was under construction in the market. When the second quarter ended, 352,650 square feet was under construction. However, the third-quarter 2011 figure does represent a decrease from the end of the same period in 2010, when 451,318 square feet of speculative office space was under construction.

No speculative office projects were delivered in third-quarter 2011. That’s down from the 40,162 square feet delivered in the second quarter. Two of the significant 2011 office deliveries include the 40,162-square-foot New Hampton Place, which was delivered in the second quarter and is now 56 percent occupied, and the 19,015-square-foot 6670 Merchants Way, which was delivered in the first quarter and is now completely occupied.

As for the Atlanta industrial market, the amount of property under construction decreased from second-quarter 2011 to the third quarter. At the end of the third quarter, 513,550 square feet of space was under construction. When the second quarter ended, 983,556 square feet was being built. At the close of third-quarter 2010, nearly 1.6 million square feet was underway.

More than 470,000 square feet of industrial space was delivered in the third quarter. That’s quite a bit more than in the second quarter, when no industrial space was delivered.

One of 2011’s notable industrial deliveries, according to CoStar, is the 1.2-million-square-foot 1595 Oakley Industrial Blvd., which was delivered in the first quarter and is now fully occupied. 

 

Kilpatrick Townsend & Stockton’s Renovated Atlanta Office

ATLANTA (Oct. 14, 2011) -The Carter Interiors Project Team recently completed a restack consolidation for Kilpatrick Townsend & Stockton, LLP at 1100 Peachtree. The restack involved the 227,000 square feet the law firm now occupies on 11 floors at 1100 Peachtree.

Cooper Carry designed the space. The design firm did an excellent job of maintaining the fine finishes that had been put in place 20 years ago while still updating the space with a flexible core configuration using DIRTT demountable system walls and more contemporary, simplified finishes. 

Check out new photography of the space below!

The Carter Interiors Project Team

The Carter Interiors Project Team actively manages every aspect of clients’ interior projects, including build-outs and renovations. Delivering one million square feet each year, the team has a broad range of experience in a large variety of product types and client situations. With several LEED- and Green Globe-certified interiors projects, the team members are experts in creating sustainable interior environments. By maintaining a laser focus on their clients’ goals and objectives, they allow clients to spend their time on their core business.

 

 

 

 

 

 

 

 

 

 

 

The Story Behind The Medici

ATLANTA (Sept. 15, 2011) - Back in June, Carter sourced the acquisition of The Medici Office Building on behalf of Piedmont Office Realty Trust (NYSE:PDM). This morning at NAIOP Georgia’s September breakfast meeting titled “Deals Done in 2011...Diamonds in the Rough”, Carter Vice Chairman Jim Shelton shared the story behind the acquisition of the Medici in Buckhead. Check out coverage from the event below.

 

Other featured panelists included Duncan Gibbs with Jones Lang LaSalle, Jim Ingram with Parkway Properties and Jeff Kelley with Colliers International. Moderated by Justin Parsonnet with CB Richard Ellis, the panelists chatted about their recent deals and successes. Duncan shared insight into leases completed for Kilpatrick Townsend and Morris Manning & Martin, Kelley spoke about McGuire Woods, 22Squared and RockTenn and Ingram about the acquisition of 3344 Peachtree and his work for the Teachers Retirement Fund of Texas.

Near the end of the panel discussion, Parsonnet asked the panelists to look toward the future. “Which submarkets are best for purchase and have the best dynamics for your clients?” The answers were varied. Shelton and Ingram agreed on Buckhead, Midtown and Central Perimeter. However, Shelton added Carter is an opportunistic buyer and would go where the price was right. Kelley thought his focus would remain in the tech corridor in North Fulton, and Gibbs said he favored Atlanta’s urban markets due to the Echo Boomers’ desire to live and work in urban areas.

 

Carter Represents SunTrust Bank in Headquarters Move to Midtown

ATLANTA (August 23, 2011) – SunTrust Bank has signed a 95,000-square-foot lease at Campanile in Midtown. Carter’s Kirk Diamond and SunTrust’s Doug Sinclair represented SunTrust Bank and Ridr Knowlton represented the building’s owner, Dewberry Capital.

As reported in the Atlanta Journal-Constitution, SunTrust will be relocating from its current offices Downtown at 25 Park Place next April.  The building was sold to Georgia State University in 2007. 

"Like Carter, SunTrust is a well-established, well-respected Atlanta-based company, and we will continue to work to ensure SunTrust Bank meets its real estate goals in the move to Campanile," Carter Senior Vice President Kirk Diamond said. 

Carter and BellSouth developed Campanile in 1987 as BellSouth’s headquarters. The name “campanile” means bell tower in Italian.

Dewberry Capital acquired Campanile in September 2010 and immediately began working on a full renovation of the property, including a re-glazing of the exterior, renovations of common areas and new building systems.  The project will result in a new state-of-the art building with high efficiency glass, new architectural features, new elevator, life safety and digital HVAC systems and upgraded amenities and lobbies.  Architects supporting Dewberry Capital on the renovation include Smallwood, Reynolds, Stewart, Stewart (who also designed both One and Two Peachtree Pointe, as well as Gallery Uptown in Dewberry’s Uptown neighborhood), and Houser Walker Architecture.  Dewberry Capital secured the same award winning team from Harmon, Inc that successfully completed (during occupancy) the glass replacement at the downtown Westin Peachtree Plaza, following the tornado in March 2008. 

“Campanile is a landmark project at a landmark location” stated John Dewberry, founder of Dewberry Capital.  “This asset deserves to be resurrected as the premier location in the city for in-town corporate residents”.  Dewberry added, “We were pro-active early on in securing the most accomplished teams for each facet of the renovation.  The designers and contractors selected represent the best in class.”  

Re-glazing is already underway with scaffolding installed and glass testing occurring this month.  The renovation project will continue into 2012. 

SunTrust Bank considered locations in both Midtown and Buckhead for their new headquarters location.  SunTrust will lease approximately 95,000 square feet on floors 3, 7, 8, 9 and 12.  Construction on their new space will begin this fall with a targeted occupancy of April 2012.  Following the SunTrust lease, Campanile is now over 50 percent leased with the remaining vacancy all on the top floors. 

“Campanile represents the quality of real estate SunTrust Bank expects for their headquarters” says Doug Sinclair, Senior Vice President of Corporate Real Estate for SunTrust.  Sinclair adds, “SunTrust wants to establish a highly visible presence in Midtown and this location is the premier corner”.

Ridr Knowlton, a Partner at Dewberry Capital, mentions, “SunTrust is one of Atlanta’s most desirable tenants, and we are very pleased to welcome them to Campanile.  The addition of SunTrust brings Campanile to over 50 percent leased ahead of schedule.  As we do with all our assets, we target the highest caliber tenants and have retained the top floors available to lease in the face of improving market conditions.”

Dewberry Capital has been the most active investor on Peachtree in Atlanta during the downturn, acquiring several key land parcels along Peachtree Street, as well as the trophy landmark Campanile Building.  

 

Windham Brannon, P.C. Moves into New Home at 3630 Peachtree

By Mary Kathryn Kennon, marketing coordinator, Carter

ATLANTA (Aug. 17, 2011) - Windham Brannon, P.C. has 150 employees settling into their new 35,000-square-foot home in 3630 Peachtree. Back in April, we reported that Carter's Dale Lewis represented Windham Brannon in finding the firm's new location and signing a 12-year, six-month lease.  The accounting firm then began the search for a project management firm to manage the design, construction and relocation for their new offices. The firm needed to consolidate two separate offices into one location in a short timeframe. Due to Carter's industry knowledge and tailored delivery process, Carter's Interiors Project Management Team was selected as the right group for the job. Senior Vice President, Nan Loudon, and Senior Project Manager, Donna West, from Carter headed up the project. Carter Vice President, Carey Poole, also played an instrumental role in the furniture evaluation, selection and procurement process.

Carter was hired on April 4, 2011 and within a week the balance of the project team was selected. Construction documents were completed by mid-May and construction commenced on June 1. The build-out was complete on Aug. 5 and Windham Brannon's first day of business in their new space was Aug. 8.  

The entire Cater team was responsible for delivering the project within Windham Brannon’s desired schedule. The typical timeframe to obtain a permit for this size project is between three and four weeks. Dale Lewis contacted the Atlanta Development Authority to ask for assistance on obtaining a permit quickly based on Windham Brannon's ability to add new jobs in the city of Atlanta. The interiors team was able to meet with ADA and the Bureau of Buildings at The City of Atlanta to discuss the project and request expediting the permit process. As a result, Carter obtained the permit in two weeks.

From team selection to move-in, Carter completed the project in 124 days. The client's ability to streamline the decision making process, eliminated initial concerns on the short time frame.  Carter delivered Windham Brannon’s vision, objectives were accomplished and expectations were exceeded. This certainly shows what can happen when there is a good team in place working towards a common goal.

Check out pictures of the renovated interiors. Congratulations to Windham Brannon on its new Atlanta home!

Carter Completes Headquarters Deal in Vinings for Medtech

ATLANTA (August 15, 2011) - Carter is pleased to announce it recently completed a headquarters deal for Medtech at Overlook II in Vinings.

Medtech, a technical school  focused in business, healthcare and technology, signed an 11,000-square-foot lease for more than 10 years. Dale Lewis of Carter, along with Cassidy Turley, represented Medtech. Dean Giordano with PM Realty Group along with Chris Breeden and Bill Hollett of Parkway Properties represented the landlord.

Medtech was founded in Indianapolis in 2004 and now has 10 locations in the Midwest and South, including three locations in metro Atlanta. This lease will move the school’s headquarters, currently based on Medtech’s Marietta campus at 4501 Circle 75 Parkway, to a separate headquarter location.

“Medtech is enjoying significant growth and we are excited to have a standalone headquarters,” said Mark Chesney, vice president of strategy and development for Medtech. “Our new home has great amenities and is within walking distance of a number of shops, hotels and restaurants.”

Cassidy Turley tapped Dale Lewis for his knowledge of the Atlanta market. This lease also served as a foundation for the new relationship between Cassidy Turley and Carter. Next month, Cassidy Turley will acquire the brokerage and property management businesses of Carter allowing Cassidy Turley to offer a full spectrum of services in Atlanta and Central Florida. The acquisition allows reciprocal sharing of best practices between the two firms.

“This transaction was great for a number of reasons,” said Lewis. “Not only did we find an excellent property and landlord for the client, this deal jumpstarted Carter and Cassidy Turley’s pending partnership. Both firms have a similar culture and working with the Cassidy Turley team felt like a natural extension of Carter.”

 

Carter Ranks No. 3 on Top Office Developer List

By Malloy Peterson, vice president of marketing, Carter

ATLANTA (July 26, 2011) - Carter once again has moved up on National Real Estate Investor's national list of Top 25 Office Developers. In the just-released 2011 ranking, Carter ranks No. 3. Last year, Carter ranked No. 4. 

Carter's ranking is based on having 4 million square feet of office space completed or under construction during 2010.

National Real Estate Investor, one of the commercial real estate industry's most-respected trade publications, compiles its national ranking of top developers each year for its July edition. Carter has appeared on NREI's Top 25 Office Developers list 11 of the 13 years it's existed and has been ranked as high as No. 2.

Second Quarter Update on Atlanta Office Market

By Jonathan Gerrard, research and marketing associate, Carter

ATLANTA (July 22, 2011) - It is hard to believe we are already in the third quarter of 2011. As we look back at second quarter, it is disappointing to see Metro Atlanta experiencing the lowest rental rates in five years and the highest vacancy rates in over 15 years according to CoStar. The second quarter brought negative net absorption of 181,904 square-feet and a decrease in average quoted rental rates from $19.38 per square-foot the previous quarter to $19.22 per square-foot. Vacancy rates increased during this same time from 19.8 percent to 19.9 percent.  These numbers confirm that Atlanta is in the midst of a slow recovery and still treading along the bottom.

The recovery we are seeing, while modest, still appears to be concentrated in the Class A market.  The class A market experienced positive net absorption of 91,689 square-feet and a decrease in vacancy from 20.7 percent to 20.6 percent.  This is the fifth consecutive quarter with both positive net absorption and decreasing vacancy for the Class A market. Unfortunately, quoted rental rates still dropped from $21.69 square feet in the first quarter to $21.58.

The Class B market is still struggling with negative net absorption of 263,387 square-feet and a climb in vacancy rates from 19.2 percent to 19.5 percent.  Quoted rental rates are also down slightly from $16.48 per square-foot to $16.46. This is the 11^th consecutive quarter with both negative net absorption and an increasing vacancy rate for the Class B market.

In terms of Atlanta’s recovery, Midtown and Buckhead have experienced the most leasing activity during 2011. Notable leases include North Highland’s 69,922 square-foot lease at Terminus 200 and Arnold Golden Gregory’s renewal at 171 17^th Street.

Check back next week for our second quarter update on the industrial market.

 

Arnall Golden Gregory Extends Lease 10 Years at 171 17th Street

ATLANTA (July 15, 2011) - The law firm Arnall Golden Gregory LLP has agreed to extend its lease 10 years at 171 17^th Street in Atlantic Station in a deal that allows for continued growth. 

The firm will reconfigure its space to increase efficiencies and provide additional capacity to grow to 190 attorneys in Atlanta. The firm also has an office in Washington, D.C.

Arnall Golden Gregory, which has served growing public and private companies for more than 60 years, is one of the original tenants at 171 17^th Street, the first office tower to open at the pioneering Atlantic Station mixed-use development in Midtown Atlanta.

The firm remains committed to its current space because of the building’s quality, accessibility and convenience, and its prominent location. The 21-story building has become a landmark for the thousands of people who travel daily through the heart of the city.

Midtown is the center of Atlanta’s legal community, and by extending its lease, Arnall Golden Gregory reaffirms its loyalty to the area.

“Arnall Golden Gregory is one of the original anchor tenants at 171 17^th Street, and the building ownership is quite pleased the firm extended its commitment to the tower,” said Carter Executive Vice President Mike Shelly, who represented the landlord. “Arnall Golden Gregory is precisely the caliber of tenant we seek at 171 17^th Street.”

Brad Armstrong and David Demarest of Jones Lang LaSalle represented Arnall Golden Gregory in the transaction.

About Arnall Golden Gregory:

 Arnall Golden Gregory LLP is a mid-size law firm in Atlanta and Washington, D.C., that serves the business needs of growing public and private companies. Through mergers and acquisitions, capital markets financing, strategic alliances, joint ventures, regulatory compliance, litigation and other business-related guidance, the firm helps clients across a broad range of industries turn legal challenges into business opportunities.