Colliers International Atlanta has brokered the $17.65 million sale of 100 Edgewood, the former United Way Building, to an affiliate of Parkway Property Investments, LLC.
Parkway plans to invest approximately $45 million in an extensive renovation of the 18-story, 306,000-square-foot building to compete for tenants in the Downtown/Georgia State University submarket. United Way’s employees have moved to offices above the Loudermilk Conference Center, a building United Way owns on Courtland Street.
“This transaction is a big win for the United Way of Greater Atlanta, Parkway and the Downtown Atlanta submarket,” said Colliers International Atlanta Senior Vice President Bob Ward.
“Initially it was believed student housing was the highest and best use for the building, but the office market improved, and the high cost of converting the building to individual housing units made the housing option no longer feasible,” Ron Cameron, Colliers International Senior Vice President, said.
“Colliers has been with United Way every step of this process. Their expertise, willingness to change as the market demands changed, and ability to analyze the financial aspects of the transaction were invaluable and have resulted in a positive outcome for United Way and the community,” said United Way of Greater Atlanta’s Chief Financial Officer Kristen McCollum.
Senior Vice President Drew Levine and Vice President Pete Shelton of Colliers assisted United Way in relocating its former tenants to suitable office space.
“Parkway has long favored Atlanta’s urban core, having owned numerous office properties in Downtown, Midtown and Buckhead,” said Parkway Property Investments CEO Allen de Olazarra. “We especially like Downtown Atlanta and the Georgia State University neighborhood. The excitement of youthful enthusiasm and ambition meets the opportunities offered by the business community at 100 Edgewood. It’s the best office market in Atlanta to attract and retain the most capable young employees. We are pleased to take the lead in the redevelopmeht of this iconic office building, and expect to deliver best-in-class office solutions in this dynamic submarket.” Olazarra said.
About Colliers International
Colliers International (NASDAQ, TSX: CIGI) is a leading global real estate services and investment management company. With operations in 68 countries, our 14,000 enterprising people work collaboratively to provide expert advice and services to maximize the value of property for real estate occupiers, owners and investors. For more than 20 years, our experienced leadership team, owning more than 40% of our equity, has delivered industry-leading investment returns for shareholders. In 2018, corporate revenues were $2.8 billion ($3.3 billion including affiliates), with more than $26 billion of assets under management.
Learn more about how we accelerate success at?corporate.colliers.com, Twitter?@Colliers?or LinkedIn.
About United Way of Greater Atlanta
United Way of Greater Atlanta, the largest United Way in the nation, focuses on ensuring that every child in Atlanta has the opportunity to reach his or her full potential. The organization invests in more than 200 programs in 13 counties through the Child Well-Being Impact Fund and works to help children succeed in school, improve financial stability of families, provide affordable and accessible healthcare and end homelessness. For more information, visit www.unitedwayatlanta.org.
About Parkway Property Investments
Parkway is a privately owned, full service real estate investment firm led by a team with a strong track record of investing in high-growth markets across the U.S. and across economic cycles. Parkway owns, operates, and manages institutional quality commercial office assets throughout the Sunbelt region. In addition, Parkway identifies and structures acquisitions and provides best-in-class property and asset management, leasing, accounting and construction management services. Parkway currently operates approximately 11.4 million square feet of high-quality office properties located in attractive submarkets in California, Texas, Florida, Georgia, North Carolina, and Pennsylvania.
