JLL completes $247.5M sale of Class A office complex in Atlanta
Perimeter Summit is a highly amenitized office complex leased to a diversified rent roll
ATLANTA, Jan. 12, 2023 – JLL Capital Markets announced today that it has closed the $247.5 million sale of 1001, 2002 and 4004 Summit Blvd., three Class A office buildings within Perimeter Summit in Atlanta, Georgia.
JLL represented the confidential seller, and procured the buyer, Spear Street Capital.
“We are excited to enter the Atlanta market with scale via this acquisition,” said Laura Dunn, Managing Director at Spear Street Capital. “With thoughtful reinvestment, Perimeter Summit is exceptionally well-positioned to capture large corporate occupiers committed to delivering high-quality, dynamic office environments to their employees. Thank you to the JLL team for entrusting us with this transaction.”
Perimeter Summit is located just off of Interstate 285, offering visibility to more than 250,000 vehicles per day and proximity to the surrounding workforce in Buckhead, Brookhaven, Chastain Park and North Atlanta. As part of the Central Perimeter submarket, the largest corporate office market in the Southeast, the complex is surrounded by more than 4,000 businesses and the largest concentration of medical facilities in metro Atlanta. In addition, Perimeter Summit is convenient to High Street and Perimeter Mall, offering numerous retail, restaurant and entertainment options.
Perimeter Summit is leased to 12 tenants across 11 industries. The project is amenity-rich and tenants have access to state-of-the-art fitness centers, tenant conferencing centers, common area workspaces, underground parking and outdoor amenities such as jogging trails and greenspace.
The JLL Capital Markets team representing the seller was led by Senior Managing Directors Richard Reid, Ed Coco and Ryan Clutter and Managing Directors Ralph Smalley and Huston Green.
“Since 2019, Atlanta has seen more than three million square feet of corporate relocations and expansions,” Reid said. “The city now ranks third in the nation with the most Fortune 1000 headquarters and job growth, and population growth is anticipated to continue driving the office market through 2023.”
JLL Capital Markets is a full-service global provider of capital solutions for real estate investors and occupiers. The firm’s in-depth local market and global investor knowledge delivers the best-in-class solutions for clients — whether investment and sales advisory, debt advisory, equity advisory or a recapitalization. The firm has more than 3,000 Capital Markets specialists worldwide with offices in nearly 50 countries.
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JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. JLL shapes the future of real estate for a better world by using the most advanced technology to create rewarding opportunities, amazing spaces and sustainable real estate solutions for our clients, our people and our communities. JLL is a Fortune 500 company with annual revenue of $19.4 billion, operations in over 80 countries and a global workforce of more than 102,000 as of September 30, 2022. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit jll.com.
About Spear Street Capital
Spear Street Capital is an owner and operator of distinctive office properties located in the United States, Canada and Europe. The company acquires assets that have reached an inflection point where intensive leasing efforts or well considered physical changes can have a decisive effect on value. To learn more, please visit: spearstreetcapital.com.