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As new joint venture completes extensive capital improvements, Jones Lang LaSalle closes long-term leases with BT Americas, Samsung Electronics, The Scotts Company and MOL America.
ATLANTA, August 2, 2013 — As a testament to Paces West’s appeal as a leading office property in metro Atlanta, Los Angeles-based Oaktree Capital Management and owner TIER REIT, Inc. have entered into a joint venture to re-capitalize the asset, and four global companies have committed to long-term leases at the Class A building. Paces West is located 10 miles northwest of downtown Atlanta in Vinings, part of the Cumberland/Galleria submarket.
Jones Lang LaSalle has closed long-term lease renewals for 30,073 square feet with BT Americas Inc., for 9,115 square feet with The Scotts Company LLC., for 8,990 square feet with MOL America Inc., and a new lease for 4,215 square feet with Samsung Electronics America Inc. JLL Senior Vice Presidents Glenn Aspinwall and Kay Younglove represented the landlord in the lease transactions. Colliers International’s Pete Shelton and Andrew Walker represented BT Americas, UGL Equis’ Art Waldrop represented The Scotts Company, Cushman and Wakefield’s Laura Stephens and Gary Waddell represented MOL, and NAI Brannen Goddard’s David Dixon represented Samsung Electronics America.
“The joint venture’s dedication to capital improvements combined with the long-term lease commitments of these four global companies are a testament to Paces West’s appeal as a best-in-class property situated in one of metro Atlanta’s most desirable locations for business,” said Glenn Aspinwall.
Added Dean Patterson, Senior Vice President, TIER REIT: “We are pleased to partner and re-invest with Oaktree in the Paces West complex. Part of the property’s appeal is its location in Vinings, which offers easy access to I-285, I-75/85 and the airport. Also, the quality of the product, with views that are unmatched, and the stable tenant base made it appealing to many institutional investors including Oaktree.”
Paces West serves as the regional offices of BT Americas, a subsidiary of London-based BT Group, one of the world’s leading telecommunications companies.
Samsung Electronics America will use its 4,215 square feet of space as an appliances showroom and as offices to service clients including The Home Depot, Lowes and other major big-box retailers.
“Samsung joins the ranks of Whirlpool, Scotts Miracle Grow and Reliance Worldwide/SharkBite as another global firm and Home Depot partner that has selected Paces West as its office location of choice,” Kay Younglove said.The two-tower property is anchored by Piedmont Healthcare, which signed a new lease in 2011 and expanded further in 2012. The property’s efficient, open floor plate is attractive to larger tenants. Additional space remains for new or expanding tenants, ranging in size from 2,000 square feet to 69,000 square feet.
As part of the re-capitalization, significant improvements are under way. The new joint venture is currently completing both capital and cosmetic building improvements, including common area and bathroom renovations, new signage, and exterior courtyard renovations. New chillers have also been installed to improve the already stellar Energy Star rating of 91.
These improvements build on an already upscale identity. The interconnected buildings include 646,000 square feet of space and feature high-end amenities such as a full-service café with catering services, conference facilities, a fitness center and 24-hour staffed security. Granite and mahogany features characterize the two-story lobbies, and the skyline views are unparalleled anywhere in the city.
In addition, the advanced fiber optic telephone and data network at Paces West attracts companies that require an advanced telecommunications infrastructure. The property was a recipient in 2010 of a regional BOMA (Building Owners and Managers Association) TOBY Award, the commercial real estate industry’s most prestigious annual awards program.
Jones Lang LaSalle leases the property.
TIER REIT Inc., formerly Behringer Harvard REIT I Inc., is a self-managed, publicly registered, non-listed real estate investment trust that owns institutional quality commercial office properties across the United States. As of Dec. 31, 2012, the REIT owned 50 properties with more than 20 million square feet in 18 states and the District of Columbia.
Oaktree Capital Management LP is a leading global investment management firm focused on alternative markets, with $81 billion in assets under management as of Sept. 30, 2012. The firm emphasizes an opportunistic, value-oriented and risk-controlled approach to investments in distressed debt, corporate debt (including high-yield debt and senior loans), control investing, convertible securities, real estate and listed equities. With headquarters in Los Angeles, the firm has more than 700 employees and offices in 13 cities worldwide.
About Jones Lang LaSalleJones Lang LaSalle (NYSE:JLL) is a professional services and investment management firm offering specialized real estate services to clients seeking increased value by owning, occupying and investing in real estate. With annual revenue of $3.9 billion, Jones Lang LaSale operates in 70 countries from more than 1,000 locations worldwide. On behalf of its clients, the firm provides management and real estate outsourcing services to a property portfolio of 2.6 billion square feet and completed $63 billion in sales, acquisitions and finance transactions in 2012. Its investment management business, LaSalle Investment Management, has $47.7 billion of real estate assets under management. For further information, visit www.jll.com.
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