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Atlanta Real Estate Community, Cushman & Wakefield Lose Stalwart Broker

ATLANTA (Aug. 10, 2011) - Atlanta's commercial real estate industry once again is mourning the loss of one of its own this week.

Larry Orr, 50, an expert apartment investment sales broker, died Monday at Piedmont Hospital. Orr worked at The Apartment Group, which Cushman & Wakefield acquired in 2001. Orr also worked at Sharp Boylston Cos. and Julian LeCraw and Co. Orr's name remains on Cushman & Wakefield's national apartment brokerage webpage, and it should as a sign of respect to the apartment sales guru.

Cushman & Wakefield credits Orr with playing a "crucial role in the national expansion of the C&W multifamily investment sales division."

During his career, the University of Georgia alum set records for the highest volume of multifamily sales in several years. His partners at Cushman & Wakefield The Apartment Group included Evan Jennings, who lost his battle with brain cancer last year at 65, and Chris Spain.

The family request those wishing to honor Larry's life, send donations to Piedmont Hospital, Inc. for the Orr Brain Tumor Navigator Fund. Gifts can be sent to Piedmont Healthcare Foundation, Inc., Attention: Leshandra Armour, 1968 Peachtree Road, NW, Atlanta, GA 30309.

Here's the paid death notice for Lawrence Orr.

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Family-Placed Death Notice

ORR, Lawrence LAWRENCE (LARRY) C. ORR Lawrence (Larry) Cameron Orr of Atlanta died on August 8, 2011 at the age of 50. Born May 14, 1961 at Piedmont Hospital in Atlanta, Mr. Orr remained a life-long resident of Atlanta where he attended The Westminster Schools, The Lovett School, and graduated from Brandon Hall School in 1980. He obtained his Bachelor of Business Administration from the University of Georgia in 1986. After beginning his career in chemical sales, Mr. Orr went on to find his niche in the commercial real estate business, working for The Sharp Boylston Companies and then Julian LeCraw and Company where he sold many types of commercial properties. Eventually he joined The Apartment Group, Inc. of Atlanta, exclusively selling commercial apartment communities. The Apartment Group was bought by real estate giant Cushman and Wakefield, where he worked until the end of his career. Throughout the years, Mr. Orr was consistently a top producer in his company and in the Southeast, setting records with his business partner for sales volume on several different occasions. In addition to being an avid golfer and member of Cherokee Town and Country Club, Mr. Orr loved to hunt and fish with his family and close friends. He was a volunteer and financial supporter of many local and regional organizations, including Trinity Community Ministries, MARR of Atlanta, 100 x Missions, the Atlanta Day Shelter for Women and Children, and Pace Academy. Most recently, he and his wife supported an effort to hire a Brain Tumor Clinical Coordinator at Piedmont Hospital, and efforts to establish a Brain Tumor Center at Piedmont continue. Mr. Orr is survived by his wife Elizabeth (Betsy) Brady Orr and children Corinne Covington Orr and Kyle Cameron Orr; mother Cornelia Cameron Orr; brother Joseph K. Orr IV and wife Nancy; brother David C. Sasseman and wife Anne; brother James G. Sasseman; niece Kyle Orr Hinson, husband John, and daughter Frances Bradley; nephew Joseph (Jake) K. Orr V; niece Alex Sasseman; and mother-in-law Elizabeth (Betsy) Covington Brady. A visitation will be held at H.M. Patterson & Son, Spring Hill, 1020 Spring Street N.W. on Thursday, the eleventh day of August from five o'clock until seven o'clock in the evening. The funeral will be held at the Cathedral of Christ the King, 2699 Peachtree Road N.E. on Friday, the twelfth day of August at ten o'clock in the morning followed by a reception at the Cathedral. Interment will be held at Westview Cemetery on Friday at one o'clock in the afternoon. In lieu of flowers, donations may be made to Piedmont Hospital, Inc. for the Orr Brain Tumor Navigator Fund. Gifts may be mailed to: Piedmont Healthcare Foundation, Inc., Attention: Leshandra Armour, 1968 Peachtree Road, NW, Atlanta, GA 30309. Online condolences may be made at hmpattersonspringhill.com. 

 

Reports: Sears' HQ Search Down to Boston, D.C.

ATLANTA (Aug. 9, 2011) - Atlanta's brief flirtation with Sears' site selection committee apparently is over.

The Associated Press reported late yesterday that Sears has narrowed its headquarters search to the 24-hour cities of Bosoton and Chicago. Crain's Chicago Business picked up the AP story, and this morning Citybizlist spread word of the Crain's story (chicagorealestatedaily.com) in its e-mail blasts.

Even with the list narrowed to two cities, relocation experts doubt Sears will move, due to the high cost of uprooting a major company and settling into new digs. The experts also say the search merely is a ploy to squeeze more economic incentives from the Chicago suburb of Hoffman Estates, Ill., it now calls home. (Photo of Sears HQ courtesy of Perkins + Will.)

In May, Sears Holding Corp. said it would consider leaving Hoffman Estates. Several states were listed as the potential new home of the formerly iconic retailer. Georgia appeared on the list, as did neighbors South Carolina, North Carolina and Tennessee. Best part about the initial reports: Massachusetts or Washington, D.C. were not heavily mentioned.

When word spread of Sears' apparent interest in Georgia, skepticism abounded about the serioussnes of its search. Still, with the national brand looking at the Empire State of the South, the opportunity was not ignored.

Now it looks like Sears will either stay put or head to Redskins Territory or Red Sox Country.

 

Another Major Marietta St. Tenant Looks to Leave

(Updated Aug. 10 with link to the AJC story.)

ATLANTA (Aug. 8, 2011) - Sunday's Atlanta Journal-Constitution featured an interesting article about the large amount of space the federal government occupies in metro Atlanta. All told, federal agencies occupy 8 million square feet in Atlanta.

"Of that, 4.7 million square feet is leased for $106.9 million in annual rents," AJC commercial real estate reporter Rachel Tobin writes. "Leases on about half that space, totaling $42.3 million in annual rent, expire in the next three years."

One leased building is 40 Marietta St., also known as Five Points Plaza or "The Pagoda Building," after its odd-looking stucco exterior (see for yourself at left). It's currently occupied by the U.S. Department of Housing and Urban Development.

The AJC article says Shyam Reddy, Atlanta region administrator of the General Services Administration, would like to relocated the HUD to the feds' Peachtree Summit building.

"Although the vacancy rate for federal buildings in metro Atlanta is only about 2.5 percent, Reddy said he has some space available that would allow him to cancel some leases," Tobin writes. "For example, he wants to move Housing and Urban Development out of privately-owned 40 Marietta St. into the government-owned Peachtree Summit building on West Peachtree. And he has some room at the recently renovated Martin Luther King Jr. Federal Building downtown."

Dick Bowers, one of Atlanta real estate's most prolific brokers/developers and colorful characters, lost control of Five Points Plaza in 2009, when it was sold at foreclosure.

While moving HUD from leased space to government-owned space sounds good to me as a taxpayer, it won't do much good for Marietta Street. As someone who worked on Marieta Street from 1999-2004 and 2007-2009, I saw the corridor improve. But "after" the recession, Marietta is having a tough time bouncing back from the loss of the AJC.

 

 

Mississippi REIT Rules Roost in Atlanta

ATLANTA (Aug. 4, 2011) - Very quietly, a Mississippi REIT has stormed to the top of the ranking of Atlanta office owners.

Parkway Properties of Jackson now owns 7,690,355 square feet of office space across metro Atlanta, according to its website. Thanks to its acquisition this spring of Eola Capital and record-breaking purchase of 3344 Peachtree (pictured at left), Parkway leapfrogged perennial leaders Cousins Properties and CB Richard Ellis Investors, which recently acquired the 271 17th Street tower in Atlantic Station.

Cousins owns 5,378,000 square feet of office space in metro Atlanta, according to a recent SEC filing (Page 13). 

What does all this mean? It's interesting to CRE people, and it arms transplanted Mississipians with a point of pride when Georgians tease the Magnolia State about being No. 1 in obesity. Georgia ranks 18th.

And while Atlanta is years ahead of Jackson in pretty much everything, a book set in Jackson and written by Kathryn Stockett of Atlanta's Brookwood Hills neighborhood is getting gobs of attention this week in advance of its big-screen debut.