Atlanta market office property offers great location and strong credit tenancy
Rubenstein Partners, L.P. (including its affiliates, “Rubenstein”), a vertically-integrated real estate investment adviser focused on value-added office property opportunities, acquired 5405 Windward Parkway, an approximately 247,000 square-foot, four-story office property located on an 18-acre site in Alpharetta, GA, one of the top suburban submarkets in the Southeast and part of the greater Atlanta MSA.
The acquisition further boosts Rubenstein’s already strong presence in the Atlanta Metro market, which includes ownership of Sanctuary Park located five miles away in Alpharetta, as well as Pennant Park in Northwest Atlanta and Uptown in South Buckhead.
Originally developed in 1998 as the headquarters for Nortel Networks, 5405 Windward Parkway was later re-tenanted and today is 93% leased. The current tenants include Avanos Medical, a medical technology company, and Andritz, an international technology conglomerate. The property’s headquarters quality construction and finishes include a four-story glass atrium separating two efficient rectangular 30,000 square-foot wings, three elevator banks, above standard mechanical systems and onsite amenities including fitness center, café and a 150-person conferencing facility.
Positioned near the intersection of Windward Parkway and Westside Parkway, the property offers tenants the unique benefit of walkable amenities with over 30 restaurants within a 10-minute walk. 5405 Windward Parkway is less than a 7-minute drive to Avalon, the region’s transformational mixed-use hub, providing tenants with access to additional restaurant options and other amenities. Alpharetta is one of the most affluent areas in the Atlanta MSA with access to top public schools, best-in-class amenities, and connectivity to a diverse workforce and decision makers.
“Rubenstein is pleased to acquire 5405 Winward Parkway, one of the premier office buildings in Alpharetta, which we believe to be Atlanta MSA’s most desirable suburban submarket,” said Mahesh Mani with Rubenstein Partners. “The property houses the corporate headquarters and mission critical operations for both in-place tenants. The combination of its superior location in the vibrant Windward Parkway technology corridor, walkable amenity base and strong cash flow made this an attractive investment opportunity. This strategic purchase represents another excellent addition to the expanding Rubenstein portfolio and reinforces our convictions about the staying power of the Atlanta office market.”
Mr. Mani recently joined Rubenstein as Senior Vice President of Asset Management, where he will lead equity asset management efforts in coordination with the firm’s senior leadership team. He has over 15 years of asset management experience across a variety of real estate strategies and will be focused on leasing, operations, and targeted capital enhancements across Rubenstein’s approximately 3.3 million square-foot portfolio in the Atlanta MSA.
Mr. Mani joins from Preferred Office Properties (“Preferred”), the office division of Preferred Apartment Communities (NYSE: APTS), where he served as Vice President of Asset Management and was responsible for a 1.3 million square-foot office portfolio, adaptive reuse development and mezzanine loan investment opportunities. He was part of the core team at Preferred that successfully assembled, stabilized, and disposed a portfolio of office properties and loan investment. Prior to Preferred, he worked for HighBrook Investors, Piedmont Office Realty Trust (NYSE: PDM), Wells Real Estate Funds and SunTrust Robinson Humphrey.
The 5405 Windward Parkway transaction was brokered by Richard Reid and Ralf Smalley with Jones Lang LaSalle.