Strategic capital improvements breathe new life into a campus that recently hit 91% occupancy
ATLANTA (Oct. 2021) – Bridge Investment Group’s office subsidiary Bridge Office Fund Manager (Bridge) announced today it has completed the sale of The Park at Windward Concourse, a pair of mid-rise Class-A office buildings totaling 202,233 square feet located at 1720 and 1725 Windward Concourse in Alpharetta, Georgia near Atlanta. Located adjacent to Georgia Highway 400, The Park at Windward Concourse offers excellent access to numerous restaurants, hotels and banks, as well as the award-winning Halcyon mixed-use development.
Bridge purchased the property in 2016 and recently finalized a $2.1 million capital improvement plan. Bridge’s leasing brokerage and operating company, Bridge Commercial Real Estate, focused on exterior upgrades and common areas in four of the impact floors, including a new, larger conference room, a fitness center, parking lot reconfiguration, a rebrand of all monuments and wayfinding signage throughout the park. These improvements allowed Bridge’s team to generate significant leasing momentum, with more than 93,000 total square feet of agreements inked since 2019.
David Meline and Samir Idris of Cushman & Wakefield represented Bridge in the transaction.
“The repositioning of this asset showcases Bridge’s expertise and success in creating workplace communities in high-growth suburban areas that increase bottom-line results for tenants while adding value for the investors who partner with us,” said Matthew Beam, Director of Acquisitions and Asset Management at Bridge. “Demand for this property will only increase with the completion of the interchange and nearby, highly amenitized developments.”
The Park at Windward Concourse’s most notable tenant is Comcast, who leases 42,554 square feet in building 1720. Other tenants include Berkshire Hathaway and Movement Mortgage.
Adding to the property’s seamless access to Windward Parkway, Deerfield Parkway and McFarland Parkway, The Park at Windward Concourse is located one mile north of Halcyon, a 135-acre, $370 million mixed-use community anchored by a commercial village center. A $47 million, full-access diamond interchange has also been approved and funded by the Georgia Department of Transportation at McGinnis Ferry Road, which will provide The Park at Windward Concourse direct access to GA-400 North and South, dramatically improving its location profile. Compared to its competitive set, the property sits the furthest north and attracts a large number of employees coming from the north side of Forsyth County.
According to JLL’s Q3 office insight, Atlanta recorded its highest quarterly absorption since the start of the pandemic, and Q3 was the first quarter to see positive absorption in both urban and suburban Atlanta. North Fulton, where The Park at Windward Concourse is located, led all suburban submarkets with more than 240,000 square feet of positive net absorption during the three-month period.
Bridge Commercial Real Estate’s Metro 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.
About Bridge Commercial Real Estate: (“BCRE”) is a fast-rising player in the U.S. commercial office market that specializes in creating desirable, next-generation workspaces. BCRE provides world-class commercial office brokerage services, property management, accounting and commercial construction services for Bridge Office assets. With a proven blueprint that delivers long-term value for tenants and investors, our portfolio includes office properties uniquely positioned in dynamic, high-growth markets across the U.S. and continues to grow. We are laser focused on how companies work today – and will work tomorrow. Headquartered in Atlanta, Georgia and Salt Lake City, Utah, BCRE is a subsidiary of Bridge Investment Group.