185,000 square feet of leasing puts landmark Buckhead office tower over 90 percent leased
Fresh off the heels of completing significant improvements to Buckhead’s Atlanta Plaza, Banyan Street Capital, along with funds managed by Oaktree Capital Management, L.P., announced over 185,000 square feet of new and renewal leasing to a multitude of credit tenants, including Ademco, KOTRA (Korean Trade Organization), and Scicom. Salesforce recently agreed to a long term renewal and expansion and secured naming rights of the office building, which will now be known as Salesforce Tower Atlanta.
Located at 950 East Paces Ferry, the office tower has undergone a transformational renovation over the last 18 months. The renovations included a reimagined main lobby and facade upgrade with matching multi-tenant corridors, elevator cabs, new cafés and enhanced connectivity with the Lenox MARTA station.
Banyan and Oaktree invested heavily in amenitizing the office experience. Wildleaf will be opening a new location in the lobby in early 2019 which will include a premium coffee bar throughout the day and beer and wine service in the evenings. Additionally, enhancements are underway to improve the existing café and outdoor patio with a revamped menu catering to a preference for more vibrant, healthy options.
“We couldn’t be more proud of the results we’re seeing in the wake of these strategic improvements to the asset,” said Zac Gruber, Managing Director at Banyan Street Capital. “Our investment strategy is reflective of the market’s growth patterns and modern workplace demands. At Salesforce Tower Atlanta, we prioritized access to mass transit and curated highly amenitized common areas that add value for our tenants. We look forward to applying our proven strategy of creating exceptional workplace environments to our office communities throughout the Eastern U.S.”
Todd Liker, Managing Director at Oaktree, added, “We are very pleased with our partnership with Banyan, where together we’ve been able to secure one of the largest portfolios of high-quality buildings in Atlanta, including great buildings like Salesforce Tower Atlanta. This building is a prime example of the successful execution of our strategy to purchase buildings in highly desirable locations and create value by investing in tenant renovations and desirable amenities which attract and retain great companies.”
CBRE’s Chris Port and Nicole Goldsmith advised Banyan and Oaktree in the lease negotiations.
About Banyan Street Capital
Banyan Street Capital is a private equity firm focused on acquiring and managing office properties directly or in joint ventures with institutional capital partners. With a concentrated presence in the Eastern United States, the company capitalizes on the team’s experience and expertise to remain at the forefront of today’s emerging economic growth and investment strategies. Banyan Street Capital’s mission is to implement strategies that add value and deliver high risk-adjusted returns to its investors. More information about Banyan Street Capital is available at www.banyanstreet.com.
About Oaktree
Oaktree is a leader among global investment managers specializing in alternative investments,
with $122 billion in assets under management as of June 30, 2018. The firm emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in credit, private equity, real assets and listed equities. The firm has over 900 employees and offices in 18 cities worldwide. For additional information, please visit Oaktree’s website at http://www.oaktreecapital.com/.
