MetLife Investment Management repositioning 1-million-square-foot office campus developed by the firm in the early 1980s
MetLife Investment Management, MetLife Inc.’s (NYSE: MET) institutional asset management platform, today announced plans for the dramatic transformation of Terraces, a pair of 11-story Class-A office buildings located in the Central Perimeter submarket of Atlanta. Developed by MetLife Investment Management in 1983-1986, then reacquired by the firm in 2013, Terraces is undergoing a $15 million renovation, including significant improvements to the interior and exterior of the North and South buildings and tenant-focused amenity packages. JLL is engaged to handle leasing and property management for the towers, with leasing efforts led by Executive Vice President Glenn Aspinwall and Vice President Brooke Dewey.
“MetLife has been an investor in Central Perimeter for decades. As we continue to expand our investment management platform, we have returned our focus to Terraces,” said Stirling Simmons, Associate Director for MetLife Investment Management. “This renovation is thoughtfully designed to redefine and reinvigorate this iconic property in a campus setting. We’re confident that this significant capital investment in Terraces will position the building as a leader in Class-A office space in Central Perimeter, and we can’t wait to reintroduce this property to the market.”
Scheduled for completion by end of year, phase one focuses on a variety of interior upgrades, such as reimagined lobby areas, collaborative gathering zones, a state-of-the-art fitness facility and the creation of an additional 30-person, presentation-style conference center. On the upper levels, MetLife Investment Management will make improvements to the towers’ namesake terraces, as well as create expanded common spaces known as “sky lobbies,” which will be equipped with breathtaking floor-to-ceiling views of the Atlanta skyline. Designed by Bruce Graham of Skidmore, Owings & Merrill (SOM), the towers’ unique architecture truly distinguishes the property from its peers. Throughout the project, MetLife Investment Management will strive to celebrate this design and is even reconstructing the bridge connecting both buildings with the same tropical hardwood used in its original construction.
Phase two of the project, slated to begin in 2019, will be dedicated to enhancing the property’s exteriors, including significant improvements to its 24-acre campus. The refreshed landscape will feature lake-side seating and 1.5 miles of walking paths providing tenants with abundant outdoor gathering space and a welcomed escape from the conventional office setting. In fact, Terraces has been recognized by the National Audubon Society for its dedication to providing a healthy, safe habitat to a variety of plants and wildlife.
After a major tenant announced it would be vacating Terraces to relocate to its new building nearby, MetLife Investment Management was presented with the opportunity to reposition the asset that it originally developed 35 years ago. The firm has a deep familiarity with the Central Perimeter submarket and plans to capitalize on the continued growth of the area’s office market by enhancing and activating the space.
“Terraces is already an iconic workplace destination within Atlanta’s booming Central Perimeter. Through this repositioning, we have already experienced an intense surge in leasing momentum as the vision for the project is brought to life,” said Dewey. “We look forward to adding more industry-leading firms to the Terraces’ impressive tenant roster, and we are committed to providing the modern amenities and work-life balance tenants have come to expect.”
Due to its strategic location, Terraces provides convenient and desirable access to the area’s high-quality talent pool. The property’s setting offers access to more than 30 walkable dining, lodging and retail options. The campus is also conveniently located within close proximity to the Dunwoody and Sandy Springs MARTA stations, as well as major Atlanta thoroughfares GA 400 and I-285.
Global architectural design firm HKS and landscape architecture firm HGOR have been tapped to manage the design and planning of the project.
According to JLL’s Q2 Office Insight, Central Perimeter is coming off a period of passive growth, despite rents continuing to climb to historic highs. With a slew of sizeable projects on the horizon for the remainder of the year, leasing activity is expected to remain robust as Terraces solidifies its foothold within the submarket.
About MetLife Investment Management
MetLife Investment Management, MetLife, Inc.’s institutional asset management platform, provides institutional investors including corporate and government pension plans, insurance companies and other financial institutions with long-term public and private investment and financing solutions. With operations in the Americas, Asia and the Europe, Middle East & Africa (EMEA) regions, MetLife Investment Management manages assets for third-party institutional investors, separate accounts and MetLife, Inc.’s general account. MetLife Investment Management leverages a disciplined credit research and underwriting process to provide institutional investors with asset origination and acquisition opportunities and proprietary risk management analytics across traditional fixed income strategies, commercial real estate debt and equity investing, agricultural financing, and private placements, among others. For more information, visit www.metlife.com/investments.
About JLL
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. Our vision is to reimagine the world of real estate, creating rewarding opportunities and amazing spaces where people can achieve their ambitions. In doing so, we will build a better tomorrow for our clients, our people and our communities. JLL is a Fortune 500 company with operations in over 80 countries and a global workforce of 88,000 as of September 30, 2018. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
