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245 Perimeter Center going back to lender

A suburban Atlanta building and former home of CompuCredit Corp. (NASDAQ: CCRT) and GTE Wireless is scheduled for foreclosure next month. Former owner Novare Group Holdings LLC was unable to reach an agreement to restructure the debt secured by the building and decided instead to allow the loan to be foreclosed upon. The decision comes as Novare founder Jim Borders focuses on acquiring and developing sites for apartments, joining a growing number of multifamily developers doing the same thing. GE Capital now controls the building and has appointed a subsidiary of Dallas-based Lincoln Property Co...
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Avison Young closes deal with Barry

Canadian real estate services company Avison Young has acquired most of the third-party leasing and management business of Atlanta-based Barry Real Estate Companies Inc. The acquisition means that Avison Young will assume the property management of four Atlanta buildings totaling nearly 600,000 square feet: 30 Allen Plaza, Lenox Plaza, Lenox Center, and 2045 Peachtree. Avison Young will also handle the leasing of 30 Allen Plaza and 2045 Peachtree. Atlanta Business Chronicle reported in September that companies were in negotiations...
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Concessions plateau in ATL office market

Since the downturn, Atlanta’s building owners have offered extraordinary incentives to lease their office space, but those concessions have eased, according to a new report. While the Atlanta office market still has bargains, the amount of free rent offered by suburban building owners is dropping, and tenant improvement allowances in both intown and suburban areas are no longer increasing, according to brokerage firm Studley Inc. “The market clearly continues to favor tenants, and the number of large transactions confirms that some are taking advantage of the conditions,” said Andrew Lechter, executive vice president, branch manager of Studley’s Atlanta office...
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Nordson lays off 70, closing Norcross facility

Nordson Corp. (NYSE: NDSN) is cutting 70 jobs at its Norcross facility, according to the Georgia Department of Labor. The decision was effective Sept. 30. In March, the Westlake Ohio-based adhesives dispensing company said it planned to carry out restructuring of its adhesive dispensing systems segment in Georgia. The restructuring involved the expansion of its Duluth operations and a new facility in Swainsboro, Ga. The Norcross operations, however, along with the existing Swainsboro facility and another in Dawsonville, Ga...
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Granite buys 2500 Cumberland

Granite Properties Inc. has purchased 2500 Cumberland for $10.4 million in a foreclosure auction, a building it once sold for almost twice as much. Granite paid about $72 a foot for the 144,000-square-foot building at Paces Ferry and Cumberland Parkway near the Atlanta Perimeter. The transaction closed Oct. 4. Granite and minority partner Pope & Land sold the building for $20.15 million, or $141 a foot, in 2004, according to Databank Inc. Since then, real estate values crashed, and the building got caught by cost-cutting moves in Corporate America, as its anchor tenant, the shipping group A...
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Northwestern Mutual finances Midtown tower

A 22-story Midtown apartment tower has the financing to break ground. Daniel Corp. and Selig Enterprises have secured Northwestern Mutual as a debt and equity partner on the new tower at 12th Street and Crescent Avenue. Construction on the more than 300-unit apartment building will start in October, said Steve Baile, a senior vice president with Daniel Corp., who leads its operations in Atlanta. The project, 77 12th Street, will take shape on a site across from the Irish pub and restaurant Ri Ra, one of several intown apartment projects developers have in the pipeline...
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Bill Kee joins Jones Lang LaSalle

Jones Lang LaSalle Inc. continues adding real estate veterans to its expanding industrial services team. Bill Kee, formerly a senior vice president with CB Richard Ellis Inc.’s asset services group, has joined the competing brokerage giant. Jones Lang LaSalle Inc. is the city’s second largest full-service commercial real estate firm, behind CB Richard Ellis, and over the past year it has made expanding its industrial services team a top priority. Kee has almost 25 years in the business, overseeing industrial leasing portfolios for AEW, Invesco and LaSalle Investment Management, among others...
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Georgia Tech's sustainability showcase

Georgia Tech has completed one of the city’s largest green buildings in its new 220,000-square-foot undergraduate learning commons. The building, which will be dedicated Sept. 24 to former president and alumnus Wayne Clough, opened in August. Clough Commons stands along the Tech Green, marking essentially the academic crossroads of the campus and houses several functions, including classrooms, labs, and tutoring. It also provides direct access to the library. Because of its location along Tech Walk, a pedestrian corridor through the heart of the sprawling urban campus, the building’s halls were designed remarkably wide, and they blend in the use of wooden terraces like those of a stadium, allowing space for thousands of students to pass through on their way to classes, or stop to eat or study...
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Georgia Club Sold

The Georgia Club, a more than 1,000-acre golfing and upscale home development near Athens, Ga., has sold for $10 million -- an 89 percent decline from the value of the debt that remained on the project. The Georgia Club, launched in the easy credit days several years ago and backed primarily by the Irish businessman and developer Derek Quinlan, targeted semi-retired executives who didn't mind the two or three day a week work commute to Atlanta. It also reflected the trend at the time of marketing such projects to alumni, in this case University of Georgia grads who wanted to live close to their school and enjoy a short drive to Athens on game day...
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Highwoods closes on Riverwood 100

Highwoods Properties Inc. has purchased the northwest Atlanta office tower Riverwood 100 for $86.3 million, indicating better demand for office buildings despite a weak economy. Highwoods (NYSE: HIW) bought the building for nearly $172 a foot, a bit above the roughly $160 a foot real estate observers expected the company to pay. The deal closed Sept. 16. The 23-story building fetched $120 million several years ago before commercial real estate values crashed. GE Asset Management placed Riverwood 100 on the market earlier this year...
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