The Athens-based developer behind recent Atlant high-rise projects such as The Legacy at Centennial and a forthcoming tower beside The Varsity in Midtown is beefing up its local presence by dipping toes in office acquisitions.
Headquartered in Athens, residential real estate firm Landmark Properties has acquired Northcreek Office Park, a four-building, Class A office campus near Interstate 75 in Buckhead, between Midtown and Cumberland.
Landmark purchased the 536,547-square-foot property in a joint venture with Westlake Capital—the family office of Landmark’s chairman and CEO Wes Rogers. Landmark’s goal is to support its growing business operations in Atlanta, while keeping its HQ in Athens and executive offices at Buckhead Plaza, across the street from Buckhead Village.
The company recently surpassed 100 corporate employees in metro Atlanta, according to Landmark officials.
The 3715 Northside Parkway office complex, currently home to more than 70 tenants, is situated on nearly 40 acres in the West Paces Ferry Road corridor. It’s generated more than 100,000 square feet of inked and pending leases over the past year, which Landmark officials describe as a high level of interest.
View to I-75 and the Cumberland area, with neighboring retail that houses Little Rey and other businesses shown at bottom. Courtesy of Landmark Properties
Northcreek Office Park’s 3715 Northside Parkway location (in red) off I-75 in Buckhead. Google Maps
On-site amenities today include a café, fitness center, conference and meeting facility, and 24/7 security. Landmark plans to renovate Northcreek Office Park’s common areas to create a better working environment with additional tenant amenities, per company reps.
According to property manager and leasing agent Regent Partners, the campus was originally constructed between 1971 and 1979 and includes additional infill development opportunities. It underwent extensive renovations between 2003 and 2009, per Regent, which plans to relocate its corporate office to the property.
The location also provides walkability—perhaps surprisingly, albeit across a parking lot—to retail options at an adjacent, unrelated new strip building. Retail offerings there include an outpost of Chef Ford Fry’s Little Rey, Beechwood Tavern, The Daily Café, and PACE Fitness.
The 500,000-square-foot Northcreek Office Park's proximity to Interstate 75 (at right), with Midtown and downtown shown in the distance. Courtesy of Landmark Properties
Courtesy of Landmark Properties
Rogers, Landmark’s chief, said part of the deal’s appeal was to buy in a community he already calls home, though the company isn’t typically in the office business.
“This space not only supports growth in our current operations but also lays the foundation for future corporate expansion—most of which we anticipate happening in Atlanta,” Rogers said in an announcement this week. “Northcreek’s location, quality, size, solid tenant base, and attractive pricing—particularly in relation to replacement cost—make this a compelling investment.”
Jones Lang LaSalle represented the office park’s seller on the transaction, but the sales price hasn’t been disclosed
According to company officials, Landmark’s portfolio includes more than 115 residential communities around the U.S., with a total of 72,000 beds under management. Another 50 student and multifamily projects in the company’s pipeline with a value north of $10 billion are under construction or slated to start construction soon, per Landmark.
Courtesy of Landmark Properties
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