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Westbridge and FCP, the builders of a repurposed paper manufacturing campus in Atlanta’s West Midtown, have signed a lease with Development Sources, which is able to open a design heart there in early 2025.
Known as Westside Paper, the not too long ago redeveloped property totals 226,889 sq. ft, based on CommercialEdge information. The brand new tenant, which caters to residential builders and contractors, has agreed to occupy 45,000 sq. ft, the Atlanta Enterprise Chronicle reported.
Native boutique actual property developer Westbridge and FCP, a privately held actual property funding firm primarily based in Chevy Chase, Md., partnered to redevelop the 70-year-old former paper manufacturing plant at 950 W. Marietta St. Along with the adaptive reuse, the 15-acre web site contains 65,000 sq. ft of recent development.
READ ALSO: Has the Return-to-Workplace Pattern Peaked?
Accomplished in late 2022, Westside Paper is alongside the Atlanta BeltLine Northwest Spur, below development as a part of the multi-use path and light-weight rail transit system being constructed largely on former railroad rights-of-way round central Atlanta.
Along with Development Sources, the companions have not too long ago introduced a long-term lease by Proof of the Pudding, Atlanta’s largest caterer, for an occasion venue at Westside Paper.
Brad Pope of JLL represented Development Sources, and Shelbi Bodner of Bridger Properties represented the homeowners.
Industrial Property Govt was unable to achieve Westbridge for added info.
Development Sources was based in 1970 in Decatur, Ga., as Atlanta Marble Manufacturing, promoting cultured marble. After a long time of in-house progress and diversification, together with a merger, the corporate took its present form, as a supplier of specialty constructing and design merchandise, in addition to set up and aftermarket providers.
Atlanta’s troubled workplace market
Regardless of a rising economic system and employment positive factors within the area, metro Atlanta’s workplace market rose to an general 23.8 p.c emptiness within the fourth quarter, based on a January report from Cushman & Wakefield. The CBD and suburban submarkets are about even on this respect.
Web absorption was destructive in each the third and fourth quarters, although Cushman & Wakefield notes that fourth-quarter losses had been worsened “by six suburban tenants vacating areas 50,000 sq. ft or higher.”
There’s no less than one shiny spot within the report, which is that the workplace development pipeline appears able to contract.
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