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Thursday, November 20, 2008 Office
Located at 3715 Northside Parkway along Interstate 75 and West Paces Ferry Road in the affluent Buckhead community, the purchase comprises of four classic brick eight-story office buildings totaling 532,916 square feet. It is 90 percent leased. A marketing campaign will be initiated to brand Northcreek and highlight its new ownership. CBRE's signature 5-Star Worldwide service program will be implemented, providing services and amenities to increase tenant productivity and satisfaction. This will include converting existing office space into a conference center and maintaining the quality of the recently renovated exercise facility. The property recently underwent significant renovations, such as new brick facades for all four buildings, upgraded elevator systems, extensive landscaping and ADA compliance upgrades. Address: 3715 Northside Parkway, Atlanta, Ga. Size: 532,916 square feet ##### NORTHCREEK OFFICE PARK IN ATLANTA AREA LOS ANGELES - August 6, 2008 - CB Richard Ellis Investors, the global real estate investment management firm, has purchased Northcreek Office Park in the affluent Buckhead community in the northwest submarket of Atlanta on behalf of its Strategic Partners U.S. 5 fund. This property, which is located at 3715 Northside Parkway along Interstate 75 and West Paces Ferry Road, consists of four classic brick eight-story office buildings totalling 532,916 square feet and is 90 percent leased. The lobbies are complete with polished Italian marble flooring and walnut paneled walls. The property recently underwent significant renovations, and completed capital improvements include new brick facades on all four buildings, upgraded elevator systems, extensive landscape improvements and ADA compliance upgrades. CB Richard Ellis Investors plans additional capital improvements including roof replacements, HVAC and electrical system upgrades, and surface parking repairs. Additionally this building will apply to become LEED® certified. CB Richard Ellis Investors will initiate a marketing campaign to brand Northcreek and highlight that it is under new ownership. The property will feature the company's signature 5-Star Worldwide service program, designed to provide services and amenities to increase tenant productivity and satisfaction. The 5-Star program implementation at Northcreek will include conversion of existing office space into a conference center and maintaining the quality of the recently renovated fitness facility. Atlanta remains the business and cultural center of the Southeast as the home to major financial and business services firms' national or regional headquarters. Atlanta has also grown into a leading global logistics hub due to its major airport, rail and freeway network and central location within the Southeastern region. "Atlanta is a blue chip market with an economy that is still expanding and outperforming the nation, and our forecasts for tenant demand continue to be positive," said Mike Burrichter, principal, CBRE Strategic Partners U.S. "The acquisition of this quality office property with some vacancy and near-term rollover at a significant discount to replacement cost is consistent with the Strategic Partners U.S. 5 office repositioning strategy." Filed Under: Office E-mail this article to a friend | Printer friendly format| DIGG this| Post to del.icio.us Comments on this article
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