Skyline Views

Midtown Office Rents Poised to Overtake Buckhead's

By Tony Wilbert, [email protected] (Click here for full story.)

Greenstone Properties planned 14th & Spring development in Midtown.

Having jumped 6.4 percent in the past year, Midtown's gross asking rates grew at a faster clip than in any other Atlanta submarket, according to CoStar research.

The average Midtown asking rent of $33.24 per square foot per year trails only Upper Buckhead, and by a mere 52 cents a foot.

  (Click here for full story.)

 

CoStar News: WeWork Inks Deal for 50,000 Sq. Ft. at Coda

WeWork today confirmed what real estate watchers knew weeks ago - the co-working goliath will establish its first new-build spot in Atlanta at Coda in Midtown.

Click here for the scoop: http://gateway.costar.com/home/news/shared/189245

 

Visionary Who Developed Atlanta's Colony Square Died Wednesday

ATLANTA (April 9, 2015) - In the late 1960s, before mixed-use was cool and when hippies still ruled Midtown, Jim Cushman had a vision. He foresaw the need for a place where people could work, live, shop and play at 14th and Peachtree streets. He assembled a team and developed Colony Square, by far the first mixed-use development in the Southeast.

James Edward "Jim" Cushman, 84, died Wednesday in Atlanta. Born and raised in neighboring South Carolina, Cushman cut his teeth in commercial real estate by developing the original Lenox Towers in Buckhead and Paces Place, credited as the first condo in Atlanta.

For a great piece on Cushman, check out this new post from his daughter-in-law, Jackie Gingrich Cushman.

As a commercial real estate reporter, I often heard that Jim Cushman started the mixed-use movement 30 years ahead of his time. And though he's rarely mentioned with Atlanta real estate superstars such as Tom Cousins and John Portman, he should be. Imagine what Midtown would be without Colony Square. The development anchors what has become the highest-profile section of the city.

Cushman's legacy lives on through his children and friend Stuart Alston, a longtime Carter employee who joined Cassidy Turley when it bought Carter's brokerage division. Alston cites Cushman as one of his mentors for his "do it right the first time" philosophy, according to a 2002 Atlanta Business Chronicle article.

Cushman did just that with Colony Square, right in Regus photo, which stands tall amid the newer towers of Midtown proper. Here's the full obituary.

James CUSHMAN 

 

CUSHMAN, James James Edward Cushman died Wednesda Atlanta, Georgia. He was 84. From his birth, on October 11,1930, in Chester, South Carolina, to Anne Frazier Cushman and Carl Golden Cushman in Chester, South Carolina, his family and friends called him Jimmy, Atlantans called him Jim. As a term of endearment, his mother and daughter-in-law affectionately called him Gem. Smart, funny, and charming, Jim was a true visionary. He loved his family, friends, and dogs. He had a lifelong passion for horses and Angus cattle, both of which were present in great numbers on Millarden Farm, a farm the family owned in Woodbury, Georgia in the 1970's. A proud South Carolinian, Jim earned his BS degree from Clemson University, graduating top of his class. He was a life-long Clemson fan and loved everything (from socks, to ties, and coffee mugs) orange. Jim received the first-ever Algernon Sydney Sullivan Award, and the Wade Woodward, Jr. award for his service to his alma-mater. Jim served his country as a lieutenant and aide-de-camp to General William Quinn during the Korean war. Appointed as the Director of the South Carolina Dairy Commission at the age of 22, Jim was the youngest person to ever head a South Carolina state agency. Later, he served as chief of staff to then Senator Strom Thurmond. Drawn to Atlanta, the city too busy to hate under Ivan Allen's leadership, Jim Cushman moved to Atlanta to start a real estate career under mentor and close friend Ward Wight. Together they developed the original Lenox Towers and the first condominium in Atlanta, Paces Place. With Ward's blessing, Jim struck out on his own with the idea of creating a mixed use development at 14th and Peachtree Street. Some refer to him as the "Father of Midtown". Jim, with his "A team," developed the first "live, work, play" complex in the southeast, Colony Square. Under the leadership of Stuart Alston, the "A team" has faithfully gathered together every Christmas. In 1973, Jim was recognized as the Atlanta Realtor of the Year. He was also awarded the Atlanta Urban design Commission Award of Excellence, and the Georgia Land Development- Outstanding Achievement Award. While his marriage, to Elkin Goddard Alston, ended in divorce, they were an amazing team: from real estate to farming, to throwing wonderful parties for family and friends, but most especially, raising two children. The family would like to give a special thanks to his caregivers at Philips Towers, the Veterans Hospital, and Emory Hospital. Jim is survived by his son Jimmy Cushman, Jr., Jimmy's wife, Jackie, and their children Maggie and Robert Cushman, and daughter Elkin Cushman Taylor, her husband Roger, their children Jack and William and Roger's daughters Lauren and Megan. Jim's family will be welcoming family and friends at the home of Jackie and Jimmy Cushman Friday, April 10, from 6 - 8 p.m. for a celebration of his life. A memorial service will be held on Monday, April 13 at 1:00 PM at Purity Presbyterian Church, 135 Wylie St. in Chester, South Carolina with interment to follow in Evergreen Cemetery in Chester. Donations may be made in lieu of flowers if desired to Purity Presbyterian, P.O. Box 278, Chester, SC 29706. Online condolences may be made to the family at www.barronfuneralhome.com

 

Published in The Atlanta Journal-Constitution on Apr. 9, 2015

- See more at: http://www.legacy.com/obituaries/atlanta/obituary.aspx?n=james-cushman&pid=174591716&fhid=8926#sthash.XhKmSVps.dpuf

When I looked out the window of the top floor of the office tower at 1075 Peachtree St. in Midtown Atlanta, I caught this view of the 1010 Midtown Condo Tower. I had to snap a shot. Both the condo tower and the office tower, are part of the 12th & Midtown mixed-use development. This view shows how architects designed 1010 Midtown to follow the natural curve of the Peachtree spine. The condo tower is 35 stories and about 410 feet tall.

Decorated Atlanta Architect: Signage Would Detract from Promenade's Presence

ATLANTA (Aug, 27, 2014) - Chiming in on the legal dispute over placing large signs on the landmark Promenade office tower in Midtown, well-respected Atlanta architect Thomas Ventulett III, says signage would "certainly diminish the dignified character and aesthetic design of the spire and lighting at the top of the building."

He opines aout the impact in an affidavit in support of the motion brought by the lead tenant and plaintiff in Smith, Gambrell & Russell in Smith, Gambrell & Russell v. 1230 Peachtree Associates LLC, No. 2014CV250516.

Ventulett, who put the "V" in tvsdesign, goes on, according to the motion as first reported by the Daily Report:

"In my opinion, the installation of the proposed signs would be a substantial alteration to the external appearance of the Promenade. As the architect for the building, I believe the proposed signs would materially change and certainly diminish the dignified character and aesthetic design of the spire and lighting at the top of the building. None of the truly architecturally distinguished buildings in Midtown are adorned with signs, thereby preserving a distinctive skyline without signs appearing like advertising billboards."

"Buildings become ordinary and background when adorned with signage as advertising," wrote Ventulett. "The Promenade was never intended to have signs attached near the top of the building where its distinctive architectural features and lighting appear."

The design expert clearly wouldn't agree with my previous post, but to each his own I suppose. Stay tuned as this fascinating commercial real estate legal action evolves.

 

Every Landmark Office Tower Needs Cool Signage

ATLANTA (Aug. 27, 2014) - Signage typically is a key negotiating point of any large office lease, and it's at the center of an interesting legal action in Midtown, where a well-known law firm is objecting to a venerable Atlanta REIT's plans to add signs for a tenant at the Promenade office tower in Midtown.

We'll let the attorneys figure out how to settle that matter, though you can scroll down to read more about it.

I'm more interested in why such a signifcant building such as Promenade has no signage. The 691-foot-high landmark office tower is cleary visible in Atlanta's skyline, and more importantly, to the thousands of cars that travel the Downtown Connector each day.

Any large tenant is missing a nice branding opportunity by now having a sign plastered on such a notable building. I know law firms typically shy away from placing their logo or names atop towers because it might be considered gaudy and not align with their image, but that thinking needs to change amid today's hyper-competitive, branding-is-critical business atmosphere.

Even the conservative Georgia-Pacific posted a nice blue "GP" insignia on its namesake tower in downtown Atlanta after years of having no expsoure atop the pink-granite signature office tower.

I think every multitenant tower needs signage, and a "FD" on three sides of Promenade (thanks to ajc.com for the cool photo) would look good (once the attorneys have settled the matter).

Here's a quick recap of the aforementioned legal action:

On Friday, Smith, Gambrell & Russell filed sued against Cousins Properties, claming that Cousins and the ownership of Promenade failed to get the law firm's approval for its plans to erect "FD" near the top of the landmark 691-foot-high office tower at Peachtree and 15th streets, according to a story in today's Daily Report.

 

Cousins acquired Promenade II in 2001, paying $134.7 million. The REIT sliced off the "II" from the name after Promenade I was renamed for David R. Goode of Norfolk Southern fame, which now is sole tenant at the smaller building, which reaches only 154 feet.

 

 

Investor Strikes Deal to Acquire Atlanta's Priciest Apartment Tower

ATLANTA (Aug. 11, 2014) - The largest single-asset multifamily investment sale in Atlanta is upon us, and we expect the business media to jump all over the story this week.

Daniel Corp., Selig Enterprises and Northwestern Mutual have agreed to terms to sell the 77 12th Street apartment tower in the 12th & Midtown mixed-use development. The buyer is described as "an individual investor."

The buyer is expected to pay a record price-per-unit for the tower with 330 apartments. The sales price is expected to top $130 million, or $400,000 per unit, according to Commercial Real Estate Direct. The price is frothy, in part, because apartments at 77 12th Street are commanding $2.31 per square foot, the highest in metro Atlanta.

Engler Financial Group of Alpharetta, Georgia, which has the listing, shows the property as "Under Contract" on its website listing of Available Properties. 

Now that this information is out, we look forward to seeing the local and CRE press give the story its due. Several outlets reported in March that the apartment tower had hit the market.

If this medical office building is built in Atlanta, I'll lose my favorite liquor store

By Tony Wilbert

ATLANTA (May 12, 2014) - Well-established Atlanta developer Bob Kern appears to be one step closer to erecting a $65 million medical office building at Peachtree and Collier roads.

Kern's Cornerstone Development Partners just placed a sign for the long-discussed MOB at the site of the former Harry's In a Hurray location at 1875 Peachtree, which backs up to the Brookwood Hills neighborhood. Skyline Views has been at the forefront of writing about the property because, as a resident, I have access to neighborhood meetings where the project is discussed. 

The project, designed by Rule Joy Trammell + Rubio, hits home for several reasons. It already has cost me my favorite ATM. But, the Cornerstone Medical Center would mean the end of my Peachtree Cleaners and Peachtree Road Liquors, my favorite spot to by wine, beer and rye whiskey. The development also would mean we lose our favorite Chick-fil-A for a while, until the Cornerstone MOB is finished, with a brand-new Chick-fil-A outlet.

Even with the prospect of having to go to a relocated Peachtree Road Liquors and to wait for a new Chick-fil-A, I still support the development.

While Kern and his team have closed on the Harry's/ATM site, its offer of about $8 million for the liquir store's site apparently isn't a done deal. It will be interesting to see if they can finalize the deal. A couple of years ago, plans for a drive-throgh Walgreen's bit the dust because of the inability to reach a deal.

Skepticism remains aming Brookwood Hills neighbors, several of whom are in the commercial real estate business. Cornerstone needs to lock in  an anchor tenant willing to pay more than $30 a square foot for medical space when Piedmont offers space at a much-better price at 2001 Peachtree. Moreover, it looks like Northside will be heading to a new site in Midtown instead of Cornerstone's porposed MOB. 

 

SkyHouse Midtown Rising Quickly But Far From Record Pace

ATLANTA (July 25, 2012) - SkyHouse Midtown, the 23-story apartment tower under construction at West Peachtree and 12th streets, seems to have gone up in record time.

Seems like only a couple months ago since Batson-Cook Development and Novare Group kicked off construction of the building. (Actually, the official groundbreaking occurred on a warmer-than-usual Feb. 1.) When I drove by the site Sunday, it became clear the construction team lead by Baston-Cook's contracting arm, wants to complete the tower before Atlanta's hot multifamily market overheats.

It got me thinking about record times to complete towers, and as if on cue, the current issue of Fortune included a graphic about the speed of getting the world's tallest towers from start to completion.

One World Trade Center, which will be a symbolic 1,776 feet tall is rising at a clip of 0.6 feet a day, according to the piece. The world's current tallest buiding, Burj Khalifa in Dubai, went up at a faster pace of 1.5 feet/day. But the Chinese seem to be the masters of speed building, or commercial real estate propaganda.

The Chinese firm building Sky City One says it will complete the tower, which will be 2,749 feet tall, in a mere 90 days. That's a clip of 30.5 feet, or nearly three stories, a day. The Empire State building, which rises about 1,250 feet, took 410 days to construct.

For its part, Fortune acknowledged it's skeptical about Sky City One being completed in only three months.

Back in Midtown Atlanta, SkyHouse is rising at a good clip, but it won't eclipse any records, and that's good thing. (Disclosure, Invest Atlanta, a Wilbert News Strategies client, played a role in the financing of SkyHouse Midtown, another good thing.)

A Groundbreaking in Atlanta? Awesome!

ATLANTA (Feb. 1, 2012) - Was that actually an official groundbreaking ceremony in Midtown this morning?

Yes, Novare Group and Batson-Cook Development Co. held a ceremonial dirt-throwing ceremony at 12th and Spring streets for SkyHouse, a 23-story tower that will house 320 apartments. And yes, that was Jim Borders (in photo), who pioneered the Midtown high-rise multifamily market, serving as emcee and lead developer.

Wilbert News Strategies is proud client Invest Atlanta played a role in making the planned project a reality. (WNS shares the Invest Atlanta account with international PR agency of record Finn Partners.) 

We hope to see more photo opps with developers armed with shovels take place this year in Atlanta.