HFF arranges $100m construction loan for office project in Atlanta

Atlanta office space

Holliday Fenoglio Fowler, L.P. (HFF) announced that it has arranged a $100 million construction loan for the development of Star Metals Offices, a 14-story, approximately 267,237-square-foot creative office building, that includes nearly 40,000 square feet of retail space, in the West Midtown submarket of Atlanta, Georgia.

Working on behalf of the borrower, The Allen Morris Company, HFF placed the floating-rate construction loan with Barings LLC, one of the world’s largest diversified real estate investment managers, on behalf of institutional investors, and Bank OZK.

Star Metals Offices is located at 1055 Howell Mill Road in the heart of Atlanta’s West Midtown submarket, which features the largest concentration of creative office inventory in the city.  This location is proximate to Georgia Tech, Tech Square, Buckhead, The Battery and SunTrust Park as well as many of Atlanta’s primary thoroughfares, including Interstates 75 and 85.  Designed by the team of Oppenheim Architecture and Warner Summers Architecture, the structure will include seven floors of office space with outdoor terraces perched on top of a six-floor podium to include parking and 30,707 square feet of ground floor retail.  Approximately 227,530 square feet of Class A office space will be strategically designed to maximize creativity and collaboration within today’s modern workplace, and has been 25 percent preleased to Spaces, a leading co-working group.

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The project is located directly across the street from Star Metals Residences, a nine-story, 409-unit multifamily project that is projected to deliver in July 2020.  Amenities at Star Metals Offices will include a 5,000-square-foot rooftop bar/café with 4,000 square feet of outdoor terrace space offering unobstructed panoramic views of the Atlanta skyline, a 5,000-square-foot collaboration amenity space on the 7th floor,  outdoor terraces on every office floor, bike storage, on-site fitness and shower facilities, a drone delivery landing site and MARTA connectivity via a private building shuttle.  Additionally, Star Metals Offices will offer above market parking consisting of five levels of structured parking totaling 520 parking spaces and additional parking in Star Metals Residences.

“We know the Atlanta market intimately having developed 21 prior projects in Georgia,” states W. Allen Morris, Chairman and CEO of The Allen Morris Company.  “Star Metals Offices is intended to shatter the paradigm with the most innovative, creative and attractive work environment in Atlanta.  It’s definitely not your grandfather’s office building.  We are attracting the most innovative, disruptive companies that want to recruit and retain the top creative, tech-savvy workforce in the city.  For a CEO, it is a smart strategic move that will set their company apart from the pack.”

The HFF debt placement team representing the borrower was led by senior director Geoff Goldstein, managing director Gregg Shapiro and director Matt Casey.

Source: HFF