Preferred Apartment Communities, Inc. (NYSE: APTS) announced that it has signed a new long-term lease with LeaseQuery for 52,888 square feet at Three Ravinia, a 814,000 square foot Class A office building located in the Central Perimeter submarket of Atlanta, Georgia. PAC signed the lease through its indirect subsidiary Preferred Office Properties, LLC. LeaseQuery helps accountants and other finance professionals streamline lease accounting processes, improving productivity and eliminating errors that often lead to material misstatements. LeaseQuery plans to hire up to 200 new employees in the next year, and will occupy the "Super Floor" space at Three Ravinia, which accommodates the entire initial requirement on a single level in a highly efficient, collaborative space.
"We are thrilled to partner with Three Ravinia and Preferred Office Properties," said George Azih, Founder and Chief Executive Officer at LeaseQuery. "They immediately understood what we needed to accomplish with our work space and worked diligently with us to match our vision and objectives to reality. It's been an absolute pleasure to work with them to strategically and tactically achieve what we needed."
"LeaseQuery is a great homegrown story and we are pleased to play a role in facilitating their growth," said Boone DuPree, Chief Executive Officer of Preferred Office Properties. Three Ravinia offers a high profile environment in a central location with amenities and room to grow. We look forward to watching LeaseQuery's continued success as their real estate partner."
Andy Sumlin and Kyle Kenyon of Cushman & Wakefield represented the landlord, Preferred Office Properties, in the lease negotiations. Michael Tucker, Scott O'Halloran and Robert Patton of Scotland Wright Associates represented the tenant.
About Preferred Office Properties
Preferred Office Properties, LLC is an indirect subsidiary of Preferred Apartment Communities Inc., formed in 2016 to invest in Class A office properties across the U.S. Preferred Office Properties, LLC sources portfolio assets through acquisitions of operating properties, development, and structured financing. Learn more at www.prefoffice.com.
About Preferred Apartment Communities, Inc.
Preferred Apartment Communities, Inc. is a Maryland corporation formed primarily to own and operate multifamily properties and, to a lesser extent, own and operate student housing properties, grocery anchored shopping centers and strategically located, well leased class A office buildings, all in select targeted markets throughout the United States. As part of our business strategy, we may enter into forward purchase contracts or purchase options for to-be-built multifamily communities and we may make real estate related loans, provide deposit arrangements, or provide performance assurances, as may be necessary or appropriate, in connection with the development of multifamily communities. As a secondary strategy, we may acquire or originate senior mortgage loans, subordinate loans or real estate loans secured by interests in multifamily properties, membership or partnership interests in multifamily properties and other multifamily related assets and invest a lesser portion of our assets in other real estate related investments, including other income-producing property types, senior mortgage loans, subordinate loans or real estate loans secured by interests in other income-producing property types, membership or partnership interests in other income-producing property types as determined by our manager as appropriate for us. At March 31, 2019, the Company was the approximate 97.9% owner of Preferred Apartment Communities Operating Partnership, L.P., the Company's operating partnership. Preferred Apartment Communities, Inc. has elected to be taxed as a real estate investment trust under the Internal Revenue Code of 1986, as amended, commencing with its tax year ended December 31, 2011. Learn more at www.pacapts.com.
