Rubenstein Implementing $15 Million Capital Improvement Plan for 11-Building Office Park Adjacent to New Braves Stadium and The Battery Atlanta
June 14, 2017 – Atlanta – Rubenstein Partners, L.P. (including its affiliates, “Rubenstein”), is executing a full repositioning of the Interstate North Office Park (INOP) complex in the Northwest submarket of Atlanta, designed to transform the property into a walkable Class-A urban office environment. Rubenstein, who purchased the property in early 2016, is implementing a $15 million capital improvement plan and officially renaming the property Pennant Park as part of the overall repositioning strategy.
The 11-building, one-million-square-foot development is located at the intersection of I-75 and I-285 in the Northwest and neighbors the new Atlanta Braves SunTrust Park and prominent mixed-use project The Battery Atlanta.
The renovations incorporate common area enhancements including a new outdoor collaborative workspace and refurbished interior upgrades such as new lobbies, restrooms, and building systems. Pennant Park will also offer walking and biking trails connecting the development to SunTrust Park and The Battery Atlanta as well as 1,200 acres of pristine national forest on the Chattahoochee River. ASD|SKY is serving as the architect on the project and construction is expected to be completed by early 2018.
“Pennant Park will be an unparalleled office environment for the Atlanta market,” adds Taylor Smith, Regional Director of Southeast for Rubenstein. “The renovations are unlocking the full value for this asset and its renaming reflects the asset’s transition to a unique offering for office tenants at the center of northwest Atlanta. Pennant Park offers great amenities and its location near the Braves new landmark work-live-play development enhances the overall appeal. We seized the opportunity to acquire this asset a year ago and with our repositioning and buildout plans now underway, we’re confident we are creating a walkable, urban office location that will draw a variety of significant office tenants.”
Cushman & Wakefield is heading up the leasing efforts for the new Pennant Park. Andy Sumlin from Cushman & Wakefield adds, “By embracing the incredible amenity base offered at The Battery, Pennant Park offers the best urban office location in northwest Atlanta. With multiple large blocks of available space up to 240,000 square feet of contiguous space, Pennant Park can address a wide range of requirements for tenants that are focused on retaining and recruiting today’s top talent.”
Rubenstein is active in the Atlanta market, having also acquired Sanctuary Park, a 1.6 million-square-foot office park complex in the North Fulton submarket in 2016.