Tishman Speyer announced the long-awaited construction start date for its Three Alliance Center in Atlanta's Upper Buckhead submarket.
The 30-story, 500,000-square-foot office tower is scheduled to break ground August 1 and reach completion in the fall of 2016. The new development will be the third and final office tower in the Alliance Center development and includes the 553,000-square-foot, 20-story One Alliance Center building at 3500 Lenox Rd. and the 492,000-square-foot, 30-story Two Alliance Center building at 3560 Lenox Rd. The development also includes a 5-Star residential tower.
"After several years of minimal construction, tenant demand for Class A office space in Atlanta is currently very strong, with the Buckhead submarket leading the way," said Tishman Speyer regional managing director Jim Meyer. "Now is a good time for us to take advantage of that pent-up demand."
According to the developer, the Three Alliance office tower will be the largest 'pure' office building built in the Atlanta market since 2008, with 19 levels of office tower and 10 levels of parking.
Its location at 3555 Lenox Rd. makes it the closest of the three Alliance Center office towers to Buckhead's gate intersection at GA 400 and The Buckhead Loop. The transit-oriented development offers direct access to both highway and MARTA transportation.
Designed by Mack Scogin of Mack Scogin Merrill Elam Architects, the project will be built to LEED Gold specifications. Turner Construction is the project’s general contractor. The office tower is slated to complete construction in the fall of 2016.
Tishman Speyer's involvement in the Alliance Center complex dates back to 2006 when it entered the Atlanta market by acquiring a portfolio of prominent office properties from the Blackstone Group which acquired the purchase rights to the properties after buying the former Trizec Properties portfolio in partnership with Brookfield Properties.
In addition to the existing One and planned Two Alliance Center, Tishman acquired One and Two Midtown Plaza, Colony Square, and a pair of suburban office parks, Interstate North and Palisades.
One and Two Alliance Center are now both owned by Highwoods Properties, which bought One Alliance Center from special servicer Orix Capital last year after acquiring Two Alliance Center from Tishman Speyer in 2012.