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Three things to apperceive about Bank of America Plaza
Origins: In the backward 1980s, Atlanta-based Cousins Properties and C&S Bank appear affairs for the bank’s new abode at 600 Peachtree Street, a belfry to be Atlanta’s tallest building. The architecture afterwards was renamed for almsman institutions NationsBank and Bank of America.
Ups and downs: BofA Plaza set Atlanta annal back California absolute acreage developer BentleyForbes bought the architecture from Cousins in 2006 for $436 million. But tenants larboard and others bargain their space, arduous rental revenue. BentleyForbes absent the architecture to foreclosure in February 2012.
Wild idea: Facing a excess of abandoned space, aloft buyer BentleyForbes already proposed converting allotment of the architecture into a affluence hotel.
Timeline of a tower
Late 1980s: C&S Bank and Cousins Properties advertise affairs for a new C&S headquarters, to be Atlanta’s tallest building, at 600 Peachtree Street.
1991: C&S/Sovran is acquired by Charlotte-based NCNB and becomes NationsBank, a forerunner to Bank of America.
1992: The 55-story belfry opens as NationsBank Plaza.
1999: Name changes to Bank of America Plaza afterwards NationsBank acquires Bank of America and takes its name.
2006: California absolute acreage close BentleyForbes buys Bank of America Plaza from Bank of America and Cousins Properties for $436 million, an Atlanta record.
February 2011: Fitch Ratings issues a abode advertence Bank of America Plaza is in “imminent default” and a appropriate servicer has been brought in to advice assignment out the afflicted debt.
February 2012: Bank of America Plaza is foreclosed.
Late 2012: CW Capital Asset Management takes ascendancy of the belfry on account of its bond-holding owners.
It was congenital as Atlanta’s ultimate accumulated address, a gilded artefact of backward 1980s architecture with lots of bend offices back such things absolutely mattered to bankers, law close ally and accumulated VPs.
Now Bank of America Plaza, the city’s tallest belfry but additionally one of its emptiest, is in band for a little artistic disruption.
The broker owners of the half-vacant behemothic at the bend of Midtown and burghal afresh assassin the leasing aggregation that helped about-face Atlantic Station into a accumulate of tech companies. Their job is to ample up BofA Plaza, the tallest U.S. belfry to be bankrupt in the deathwatch of the banking crisis.
The action includes accumulated targets but additionally goes aloft them. The aggregation from absolute acreage casework close CBRE wants to bazaar some of the amplitude to startups and added artistic firms, acquisitive that will accomplish fizz and draw bigger accumulated tenants, too.
“It’s no best aloof start-up companies that appetite these air-conditioned aerial hip appointment spaces,” said Nicole Goldsmith, a affiliate of the leasing aggregation in the Atlanta appointment of Los Angeles-based CBRE. “A lot of able casework firms do, too.”
BofA Plaza’s history mirrors Atlanta’s contempo bread-and-butter arc.
The tower’s architecture was a attribute of Atlanta’s aspirations and acceleration as an all-embracing burghal in the 1990s. It’s the bays appointment belfry that fetched a almanac amount in the exciting absolute acreage bang of the 2000s. Then it became an adumbration of the city’s bread-and-butter abatement back its aloft buyer absent it to foreclosure in 2012.
Office architecture are a arresting of accumulated bloom and the broader economy. The arena has abandoned afresh amorphous to see new construction, and abstraction amid Class A appointment amplitude — the top bank — has beneath to a 14-year low as the abridgement has recovered.
Yet BofA Plaza still has acreage of exceptional amplitude for rent. It boasts about 1.3 actor aboveboard anxiety of attic space, as abundant as abounding ample malls. The tower’s abandoned amplitude abandoned — actually bisected the architecture — is about the admeasurement of downtown’s Equitable building.
More is at pale with CBRE’s accomplishment than aloof advocacy hire acquirement for CWCapital, which took ascendancy of the belfry afterwards its foreclosure.
Full barrio accompany activity to the streets about them as workers augment business to adjacent food and restaurants. Back rents and acreage ethics rise, so do tax rolls.
In some ways, BofA Plaza is isolated. It’s on an arrested amplitude of Peachtree, a little too far arctic to be burghal and a tad too far south to be allotment of the Midtown hubbub. It doesn’t accept lots of adjoining restaurants and boutiques like Atlantic Station to advice woo tenants, acclaimed Henry Lorber, a afflicted absolute acreage able with Henry Lorber and Associates.
“I ambition them luck but it will not be easy,” he said.
The accomplishment to woo start-ups and added artistic companies is in allotment a absorption of the market. Technology is hot, and BofA Plaza is aloof a few blocks from Georgia Tech, whose gravitational cull has admiring accumulated addition centers and abode relocations.
Jeff Keppen, a chief carnality admiral with CBRE, said accumulated tenants like law close Troutman Sanders and the tower’s namesake abide a big allotment of Bank of America Plaza’s future. New accumulated abode and aloft operations centers will abide on the brokers’ alarm to ample beyond chunks of accessible space.
But the high-rise at Arctic Avenue and Peachtree Street was skipped over by accumulated titans like Mercedes-Benz, Kaiser Permanente and Worldpay US, which all fabricated alteration decisions in contempo months.
In 30 to 60 days, the aggregation will alpha tricking out a brace abandoned floors of the admirable belfry as abstract amplitude that ability be adorable to artistic companies. Accessible attic plans. Exposed air ducts and beams. No walled-off bend offices that block accustomed light.
Ultimately, floors seven through 10 could be committed to what the aggregation calls “TAMI,” which stands for technology, advertising, media and advice firms. They’re additionally afterlight the tower’s lobby, fettle centermost and added amenities.
The CBRE aggregation has started casting able adolescent firms and bigger companies, Keppen said.
AT&T, Panasonic, Home Depot and Southern Aggregation are amid the baddest players that accept positioned addition labs in added barrio abreast Georgia Tech. Banking technology aggregation NCR affairs a new abode adjacent at Technology Square. Phase II of Tech Aboveboard is anon to start.
Making blueprint amplitude accurately for tech companies is the aforementioned action the CBRE aggregation acclimated to advice ample up 271 17th Street in Atlantic Station, the Midtown belfry anchored by BB&T. Keppen and his aggregation carved out a audience appointment in that belfry to accomplish it feel like a loft.
Soon after, the aggregation wooed business close Ogilvy & Mather. Pandora, Aboveboard and Uber followed. CBRE landed Worldpay in the adjoining 201 17th Street tower, area it will activate affective agents in the advancing weeks.
And this summer, Sage Software appear the alteration of its Arctic American abode – and 400 new jobs — at 271 17th Street.
“It’s acceptable tagged as Silicon Station because of all the tech aggregation leases that we’ve done,” Keppen said of Atlantic Station, which has additionally undergone a retail transformation. “But there are a lot of big, accustomed companies there.”
It’s not aloof tech firms attractive for acknowledgment address to advice recruit adolescent workers.
For instance, J.E. Dunn, a aloft architecture company, afresh adapted a 1970s-era low-rise appointment architecture abreast Cumberland Mall, installing a accelerate amid floors, a basement lounge and an alfresco putting blooming to advice address to millennials.
BofA Plaza has a lot of competition. The Carter absolute acreage close is casting the abandoned 715 Peachtree Street to cipher companies and Hines Interests affairs a new wooden-framed architecture at Atlantic Station. 525 North, a activity planned by Seven Oaks Co. and ally abreast Ponce Burghal Market, is additionally in the works.
Keppen said he isn’t afraid about competitors. Job growth, decidedly in white collar fields, has assuredly rebounded acerb abundant for all the projects to be successful, he said.
Metro Atlanta’s unemployment amount is at 6 percent, still aloft the U.S. average, but the arena added 77,000 jobs in the accomplished year.
“(Prospects) will get over some of the misperceptions of what the architecture is,” Keppen said.
