Jones Lang LaSalle Americas, Inc. (“JLL”) is pleased to present the opportunity to acquire the fee simple interest in 50 Glenlake Parkway, an institutional quality office building located in Atlanta’s robust Central Perimeter submarket. The 144,712 SF, six story building was built in 1997 and offers exceptional convenience of access via Glenlake Parkway and Abernathy Road / GA-400.
Catering to mid-sized tenants drawn to the many conveniences of its suburban setting, 50 Glenlake also offers an in-building amenity package including fitness, café and conferencing facility typically only found in larger buildings.
The appeal of this in-fill location has recently attracted Mercedes Benz to relocate its North American headquarters nearby, and with it, additional residential and commercial development providing a convenient amenity base nearby 50 Glenlake to augment the dense in-fill nature of amenities surrounding Perimeter Mall just a short drive away.
With fifteen current tenants the building is comprised of a diverse tenant roster reflecting its appeal to small and mid-sized users, and limiting exposure to any one tenant at approximately 15% of the leased GLA. With occupancy at 73% there is an opportunity to create value in the continued lease-up of vacant spaces and selective enhancements to the common areas or through a spec suite program.
With limited new construction and a significant spread between current rental rates and rates required to sustain new development, rental rates within Central Perimeter are poised for continued growth in conjunction with accelerated in-migration and population growth trends in the wake of the pandemic.
50 Glenlake represents a opportunity to acquire a property offering in-place income with significant upside.
- Ideal Central Perimeter Location - Central Perimeter is the preferred location for corporate HQ’s (UPS, Mercedes Benz, State Farm, Cox, etc.) and has a history of rebounding first following market disruptions.
- Excellent Accessibility - 50 Glenlake’s location along Glenlake Pkwy. is the first exit heading southbound on GA-400 from premier North Atlanta suburbs for decision makers and workforce. Additionally, “Transform 285/400” - the $800M GID project currently under construction will enhance access for those traveling northbound on GA-400.
- Value Add Opportunity with upside - Currently 73% leased to a diverse tenant roster of 15 quality tenants with the near-term upside achievable by leasing the balance of available space. The Property is well positioned to further implement spec suite program to drive lease velocity.
- Mark to Market Opportunity - 50 Glenlake offers a mark to market opportunity with in-place rents 10% below market with room to grow when comparing the Property to the surrounding product along Abernathy Rd. on either side of GA-400.
- Convenience of Suburban Setting within In-Fill Submarket - 50 Glenlake offers a rare 4.0 / 1,000 SF parking ratio through a combination of covered / surface spaces. The nearby ARIA development provides walkable amenities away from congestion while major thoroughfares (Abernathy & Roswell Rd. & Mount Vernon Hwy.) offer direct access to surrounding neighborhoods.