JLL leasing property on behalf of Mainstreet Capital Partners and The Davis Companies
A joint venture between Mainstreet Capital Partners and Davis Investment Ventures Value Opportunity Fund III, L.P., an entity of The Davis Companies (TDC), recently acquired Tucker Exchange, a Class A, 250,000-square-foot office building situated on 13 acres, located one mile from downtown Tucker in Atlanta’s Northlake submarket. Located at 2059 Northlake Parkway in the heart of the Tucker-Lakeside community, Tucker Exchange offers immediate access to I-285 and is proximate to seven hotels and 30 nearby restaurants. The five-story office building features 47,000 square-foot floor plates, and a 5/1,000 parking ratio with the opportunity to expand to a 6/1,000 ratio. Mainstreet and TDC will undertake a significant capital improvement plan to enhance the property’s exterior and interior features in order to re-envision the property as a dynamic, highly amenitized 21st century office community, thereby enhancing its appeal to tenants.
Interior and exterior renovations will modernize the building to create an upscale environment that will provide tenants with modern, collaborative spaces at a price point that is unmatched by other office buildings in the Northlake submarket. The enhanced outdoor space will feature comfortable seating and an outdoor grilling area, perfect for office gatherings or happy hours. A new micro-mart and fitness center, and upgraded conference facilities will further enhance the amenity package. The redesigned atrium lobby will include new tiled flooring, modern lighting, a decorative feature wall, and a lounge with collaborative workspace. The elevator lobbies and cabs will be updated with contemporary finishes as well. Construction is currently underway.
Fort Lauderdale-based Mainstreet Capital Partners owns 2000 and 2100 RiverEdge in Atlanta’s Cumberland/Galleria submarket, along with office properties across Florida and North Carolina. Headquartered in Boston, TDC is renowned for its successful repositioning and renovation projects throughout the Eastern U.S., having reimagined close to 100 office and residential properties across the country throughout its 41-year history.
“Mainstreet Capital and The Davis Companies are excited to transform the great bones of this property for forward-thinking office tenants and their employees. We are committed to a $10M renovation designed to attract and serve high density users across all industries and facility sizes,” said Paul Kilgallon, President, Mainstreet Capital Partners.
“Upgrading properties to realize their full potential is one of our core competencies at The Davis Companies,” said Pamela Adamian, a Senior Vice President of Asset Management at TDC. “We are thrilled to work with Mainstreet Capital to enhance this ideally located asset, and to provide an even greater community for our tenants.”
“JLL is excited to partner with the ownership of Tucker Exchange in a complete rebrand and remodel of this great asset. The ownership’s vision meets the needs of today’s office tenants. We are excited to share this vision,” said JLL’s Aspinwall.
JLL (NYSE: JLL) is a leading professional services firm that specializes in real estate and investment management. AFortune 500 company, JLL helps real estate owners, occupiers and investors achieve their business ambitions. In 2016, JLL had revenue of $6.8 billion and fee revenue of $5.8 billion and, on behalf of clients, managed 4.4 billion square feet, or 409 million square meters, and completed sales acquisitions and finance transactions of approximately $145 billion. At the end of the second quarter of 2017, JLL had nearly 300 corporate offices, operations in over 80 countries and a global workforce of nearly 80,000. As of June 30, 2017, LaSalle Investment Management had $57.6 billion of real estate under asset management. JLL is the brand name, and a registered trademark, of Jones Lang LaSalle Incorporated. For further information, visit ir.jll.com.