Creating an attractive and desirable urban environment in a suburban location was a first for metro Atlanta. CBRE is proud to announce that Peter McGuone, Heather Lamb and Bryan Heller have been honored as key members of the team that landed Avalon as CREW Atlanta’s 2015 Deal of the Year. Other team members include Sheri Ross of North American Properties and Laura Kurlander of Hartman Simons.
CBRE’s McGuone, Lamb and Heller handled the leasing of the 108,000-sq.-ft. loft office for Phase 1 of Avalon, the experiential mixed-use development in Alpharetta, Ga. Phase 1 included 500,000 sq. ft. of retail, a premier movie theater and the loft office space, and Phase 2 will add a full-service hotel and conference center and more than 500,000 sq. ft. of Class A office space.
“A curated mixed-use project of this scale and level of service had never been attempted in Atlanta, so the marketing strategy for our team was to highlight the tenant experience rather than focusing on the physical real estate,” McGuone said. “The unique environment at Avalon allows employers to recruit, attract and retain top talent and ultimately that’s why companies chose to pay a premium to office here.”
By showcasing the full-service experience at Avalon, the CBRE leasing team achieved 100% occupancy in just over 12 months after the Grand Opening, with rents at 46% higher than competing Class A space. The rates caused the “Avalon effect” allowing other nearby assets to justify higher rents.
In addition to the leasing strategy, which included targeting a high percentage of technology and creative tenants, CBRE presented a concept of a medical office building at Avalon, although the retail space was fully committed. The solution involved turning a once-proposed retail parcel into medical space, which is now a reality. Western Devcon Inc., the development partner for the outparcel, is breaking-ground on a 38,000-sq.-ft. medical office building end of June with a 1st quarter 2017 estimated completion.
“Tenants recognized the opportunity they have by locating at Avalon and were willing to pay premium rents to be a part of the Avalon experience,” Lamb said. “By having access to best-in-class amenities, employees become happier and more productive and the investment in real estate rents more than pays for itself as companies and employers see higher retention levels and capitalize on the ability to draw in the best talent.”
About CBRE Group, Inc.
CBRE Group, Inc. (NYSE:CBG), a Fortune 500 and S&P 500 company headquartered in Los Angeles, is the world’s largest commercial real estate services and investment firm (in terms of 2015 revenue). The Company has more than 70,000 employees (excluding affiliates), and serves real estate owners, investors and occupiers through more than 400 offices (excluding affiliates) worldwide. CBRE offers strategic advice and execution for property sales and leasing; corporate services; property, facilities and project management; mortgage banking; appraisal and valuation; development services; investment management; and research and consulting. Please visit our website at www.cbre.com.
