186,360 SF of premier office space, in one of the country’s fastest growing job markets.
Atlanta’s robust job growth makes it a key market for Origin. Identifying assets that are best positioned, or have the potential to be repositioned, to take advantage of these trends is the next step in the investment process. Centrum at Glenridge, a 186,360 SF Class A office asset, located in the heart of Central Perimeter, Atlanta’s largest office market, represented the confluence of a great physical asset that was also located in a market with great fundamentals. The Property benefits from incredible access to all of the major transportation corridors, walkable retail amenities, immediate proximity to executive housing stock and unencumbered views of the entire Atlanta market atop a ridgeline. We were able to acquire Centrum at a substantially discounted valuation relative to replacement costs, execute on some straight-forward physical enhancements to the Property and created additional value through rezoning and selling a non-adjacent, vacant land parcel that was acquired at no cost as part of the initial investment.
"Our ability to quickly spot strengthening market fundamentals in late 2013, prior to broad acceptance by our competitors, allowed us to acquire Centrum in a competitively bid process" said Dave Welk, Managing Director of Acquisitions at Origin. "Further elements of differentiation were our detailed knowledge of the building, its competitive advantages and its capital needs required to fully drive value." To attract more tenants and justify higher rents, we immediately implemented our physical and operational repositioning strategy, which included upgrades to common areas and restrooms, fitness center, conference center and the parking garage as well as installing LED bulbs throughout the Property.
THE EXECUTION
Increased rental rates by 16% and brought occupancy from 84% to 94% since acquisition
Achieved zoning change allowing for sale of non-adjacent land parcel for a profit of $575k
Upgraded common area lighting for $39k, resulting in electricity savings of over $20k annually
Marketing asset for sale within 18 months of closing on the initial acquisition as the business plan has been fully executed
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