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Hines to Start T3 Office Building in May

Developer Hires New South Construction to Start Spec Timber Tower at Atlantic Station
April 10, 2018
Hines is so confident in Atlanta's Midtown submarket it says it will start both of its planned office buildings at Atlantic Station this year.

That would add more than 700,000 square feet of spec space in the Atlantic Station micro-market that did not exist 15 years ago. Hines and partner Morgan Stanley acquired Atlantic Station's Town Center and developable office pads in October 2015.

In fact, Hines will start the first of the pair, the 230,000-square-foot T3 West Midtown, in mid-May, Senior Managing Director John Heagy said Tuesday. "The Midtown market is really hot for us," he said, noting its success at 1180 Peachtree where Bain & Co. is moving and where Bloomberg News recently opened its new office.

To strike while the market is hot, Hines just hired New South Construction as general contractor at T3, which will be built with heavy timber. While Hines and Invesco Real Estate will start T3 on a purely speculative basis, Heagy said he expects to sign at least one or two tenants before year end.

Hines also has requested pricing from general contractors for Atlantic Yards, the 500,000-square-foot office proposed for a site adjacent to T3, Heagy said.

"By year end, we will have 730,000 square feet under way [at Atlantic Station]," Heagy said. "I really believe the T3 building is going to do that well - that we'll have leases before the year ends."

In a stunningly fast turn, Midtown has emerged as Atlanta's top office market - based on rents and its development pipeline. Companies such as NCR are leaving other areas to be in Midtown because that's where their talent base wants to live, work and play.

Tony Wilbert, Atlanta Market Reporter  CoStar Group   
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