The developer behind intown industrial remakes Westside Paper, Armour Yards, and Common Ground on the Eastside Trail is again continuing its outward portfolio expansion, this time to Alpharetta. 

Atlanta-based real estate firm Third & Urban announced today it has acquired Georgia 400 Center, a three-building Alpharetta office park, as its latest move far from Atlanta’s Beltline buzz and grittier former warehouse districts.

Spread across 24 acres near Ga. Highway 400’s intersection with Haynes Bridge Road, the Georgia 400 Center campus is surrounded by large-scale development bets on the growing suburb. Those include mixed-use project The Gathering and residential build Toll Brothers at Lakeview, both next door, and the billion-dollar Avalon district to the north. 

Overview of the Georgia 400 Center property today, with Alpharetta's Avalon in the distance and construction on mixed-use The Gathering at left. Courtesy of Third & Urban

The Alpharetta buy marks the fifth of 2025 for Third & Urban, part of the company’s new strategy to acquire commercial assets across the Southeast it believes are undervalued. 

The Alpharetta campus has three office buildings—six or seven stories each—with more than 430,000 square feet. That space is 67 percent leased today, with tenants that include Toll Brothers, Morgan Stanley, and Century Communities of Georgia. 

Plans for upgrades at Georgia 400 Center call for new roofs, refreshed lobbies, and an elevated tenant lounge with a bar, conference center, games, and glass walls that open to an updated outdoor courtyard with seating, according to Third & Urban reps.  

The Alpharetta campus “presented an opportunity to modernize and deliver a high-quality office product at attainable rental rates in a top submarket,” said Third & Urban cofounder Pierce Lancaster in a statement. “[Property updates will] create an environment that meets today’s workplace expectations while positioning the asset for long-term success.”

Georgia 400 Center's Lakeview Parkway location in relation to downtown Alpharetta, Ga. Highway 400, and other north OTP landmarks. Google Maps

Georgia 400 Center's 2300 Lakeview Parkway building today. Courtesy of Third & Urban

Third & Urban’s new investment portfolio also includes seven-building Northridge Commons, a flex industrial campus off Ga. Highway 400 in Sandy Springs; Dunwoody Park, an 18-acre, eight-building office complex in Dunwoody; and a Virginia-Highland street retail portfolio, per the firm.  

Also in Sandy Springs, plans recently came to light for Third & Urban’s joint venture with Trammell Crow Company, the 8-acre Hillcrest mixed-use development near the City Springs city center. 

Closer to Atlanta, the developer is also leading efforts to remake Corporate Square’s dated 32 acres in Brookhaven into a walkable district with a variety of uses. 

In Alpharetta, the office campus was bought in partnership with Zalik Investment Group, and Cushman & Wakefield is being retained as the property’s leasing team, while Trinity Partners will manage the buildings. Newmark represented the seller in the Georgia 400 Center transaction.

Courtesy of Third & Urban

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