Strategic capital improvements sparked 37% occupancy jump over 18-month stretch at Class A property in the fast-growing suburban market
ATLANTA (Oct. 13, 2021) – Bridge Investment Group’s office subsidiary Bridge Office Fund Manager (Bridge) announced today it has completed the sale of Suwanee Gateway One, a 143,493-square-foot Class A office building in Suwanee, Georgia near Atlanta. Directly adjacent to Interstate 85 and within close proximity to a variety of top shopping, dining and entertainment destinations in one of Atlanta’s fastest growing suburbs, Suwanee Gateway One is the only Class A office property in its respective submarket and continues to attract leading companies from a broad range of industries.
Bridge purchased the property in 2018 and has executed more than 55,000 total square feet of leasing agreements since, while also increasing the building’s occupancy by 37% over an 18-month period. The leasing success stems from a $2.35 million capital improvement plan the former owners recently completed, with renovations including new conference rooms, an upgraded main lobby with new artwork and furniture, improved landscaping, a major parking lot expansion, and the delivery of six move-in ready spec suites featuring flexible floorplans and high-end finishes.
Miles Theodore and Matt Connors of Eastdil Secured represented Bridge in the transaction.
“Our comprehensive capital improvement plan at Suwanee Gateway One has provided functionality and flexibility for businesses seeking workplace communities that will foster long-term productivity and growth,” said Matthew Beam, Director of Acquisitions and Asset Management at Bridge. “The recent leasing momentum we’ve seen at the building has created a strong foundation for the new owners thanks to a diverse tenant base that will provide steady cash flow and occupancy in the years ahead. Bridge’s foresight and ability to execute on our plan ultimately resulted in a successful transaction that delivers long-term value for our strategic partners.”
Liberty Mutual is the anchor tenant of the building, and recently inked a long-term renewal and expansion agreement totaling more than 70,000 square feet. Other tenants at Suwanee Gateway One include Eastern Corporation and Clark Patterson Engineers.
The property is within a five-minute drive of downtown Suwanee’s charming shops and restaurants, and is also one exit away from The Mall of Georgia, the state’s largest shopping mall.
According to the latest Q3 office market report from Cushman & Wakefield, Metro Atlanta recorded the highest quarterly leasing demand since Q2 2020, when the leasing total was comprised mostly of deals finalized before the pandemic took hold. Bridge’s Atlanta portfolio features eight properties totaling more than 2.9 million square feet, including the Lenox Park office campus near Buckhead, Embassy Row in Central Perimeter, and Brookside Office Park in Alpharetta. For more information, visit https://bridgecre-office.com/portfolio_category/georgia/.
About Bridge Investment Group: Bridge is a leading, vertically integrated real estate investment manager, diversified across specialized asset classes, with approximately $28.7 billion of assets under management as of June 30, 2021. Bridge combines its nationwide operating platform with dedicated teams of investment professionals focused on select U.S. real estate verticals: multifamily, affordable housing, seniors housing, office, development, logistics net lease, logistics properties, debt strategies and agency mortgage-backed securities.