The Fortune 25 Company Will Create 1,500 New Jobs in Burgeoning West Midtown Office Market
(ATLANTA) – Hines, the international real estate firm, and Invesco Real Estate, a global real estate investment manager, today announce that Microsoft Corporation will occupy 523,000 square feet – the entirety of the two-building Atlantic Yards office development. Microsoft will create 1,500 new high-tech jobs in West Midtown, with occupancy targeted for summer 2021. With this lease, Hines wraps up an impressive leasing streak in the submarket with nearly 673,000 square feet signed within the last year.
“Even before we began construction on Atlantic Yards, we knew we had an opportunity to do something really special. West Midtown may have been underappreciated as an office market in the past, but it won’t be anymore,” said Hines Senior Managing Director John Heagy. “Microsoft’s next generation of talent will be blocks away at Georgia Tech, and once they occupy Atlantic Yards, Microsoft will have unmatched access, retail and restaurant options and a working environment deliberately designed to foster creativity.”
Greg Kraus, Managing Director, Head of Acquisitions for Invesco Real Estate echoed that sentiment. “We were delighted to partner and collaborate with Hines, who we believe is best in class, to design a differentiated office environment within the Atlantic Station/Midtown Atlanta submarket. We see Atlantic Yards as setting a new standard for excellence in the Atlanta office market, which is being validated by the tremendous response from the quick lease up of Atlantic Yards and T3 West Midtown by some of the most innovative tenants in America.”
Atlantic Yards will serve as a client-facing workplace and focus on artificial intelligence (AI) and cloud services. The buildings will offer such tenant amenities as an expansive courtyard, rooftop gardens, private balconies and open-air terraces, ideally suited for entertaining clients and recruiting top talent. Microsoft will also personalize the ground-level spaces at the buildings, which will serve as an experience opportunity to directly engage with customers.
“We have developed an industrial inspired, creative office ecosystem with a mix of authentic materials and an abundance of natural light, and next summer, Microsoft will bring its unmatched culture and leading-edge innovation to the space,” said Hines Managing Director Tori Kerr. “With our JV partner Invesco Real Estate, we’re excited to continue to work with Microsoft as they customize a significant office presence outside of Redmond, Washington. We look forward to welcoming Microsoft and serving them in this brand-new, highly efficient and sustainable building.”
The Hines-Invesco Real Estate partnership worked alongside the Georgia Department of Economic Development, Metro Atlanta Chamber, Invest Atlanta, Fulton County Development Authority and Georgia Power to secure the deal. Recently, Hines announced leases at its adjacent office building – T3 West Midtown – including Facebook, Macy’s Tech and Interior Architects. Both T3 West Midtown and Atlantic Yards are part of a larger transformation underway at Atlantic Station. The redevelopment of Atlantic Station will reintroduce the retail village to the marketplace with its soon-to-open central green, enhanced tenant mix, new retail and restaurant offerings, additional hospitality options, and the inclusion of new multifamily residential units.
“We are proud to have represented Microsoft for this historic partnership,” stated T. Dallas Smith, CEO of T. Dallas Smith & Company. “Having a Fortune 25 company like Microsoft located in Atlantic Yards will provide tremendous value to our City, State and the entire Southeast region for years to come.”
Construction of Atlantic Yards recently topped out. PCCP, LLC is the construction lender for the project which Hines is expected to deliver late this year, with Microsoft planning to move in next summer.
Hines is a privately owned global real estate investment firm founded in 1957 with a presence in 205 cities in 24 countries. Hines has approximately $133.3 billion of assets under management, including $71 billion for which Hines serves as investment manager, including non-real estate assets, and $62.3 billion for which Hines provides third-party property-level services. The firm has 165 developments currently underway around the world. Historically, Hines has developed, redeveloped or acquired 1,393 properties, totaling over 459 million square feet. The firm’s current property and asset management portfolio includes 539 properties, representing over 232 million square feet. With extensive experience in investments across the risk spectrum and all property types, and a pioneering commitment to sustainability, Hines is one of the largest and most-respected real estate organizations in the world.
About Invesco Ltd.
Invesco is a global independent investment management firm dedicated to delivering an investment experience that helps people get more out of life. Our distinctive investment teams deliver a comprehensive range of active, passive and alternative investment capabilities. With offices in 25 countries, Invesco managed $1.2 trillion in assets on behalf of clients worldwide as of December 31, 2019.
About Invesco Real Estate
Invesco Real Estate is a global leader in the real estate investment management business with $84.7 billion in real estate assets under management, 550 employees and 21 regional offices across the U.S., Europe and Asia (as of December 31, 2019). Invesco Real Estate has been actively investing in core, value-add and opportunistic real estate strategies since 1992. Invesco Real Estate is a business name of Invesco Advisers, Inc., an indirect, wholly owned subsidiary of Invesco Ltd. Invesco Ltd. is an independent investment management firm dedicated to delivering an investment experience that helps people get more out of life. NYSE: IVZ;
PCCP, LLC is a real estate finance and investment management firm focused on commercial real estate debt and equity investments. PCCP has $11.6 billion in assets under management on behalf of institutional investors. With offices in New York, San Francisco, Atlanta, and Los Angeles, PCCP has a 21-year track record of providing real estate owners and investors with a broad range of funding options to meet capital requirements. PCCP underwrites the entire capital stack to exploit inefficiencies in the market and provide investors with attractive risk-adjusted returns. Since its inception in 1998, PCCP has managed, raised or invested over $23.1 billion of capital through a series of investment vehicles including private equity funds, separate accounts and joint ventures. PCCP continues to seek investment opportunities with experienced operators seeking fast and reliable capital.