CBRE To Lease New Atlanta Office Development

By Timea Papp

Rendering of Phipps Plaza

Simon Property Group has retained CBRE as the exclusive leasing agent for a planned Class A office tower to be built as part of Phipps Plaza’s redevelopment in Atlanta’s Buckhead submarket. The 12-story building is slated for completion by 2020.

Simon plans to transform the luxury mall into a mixed-use development that will encompass approximately 300,000 square feet of Class A office space, a three-story lower level parking garage, a flagship Nobu restaurant, a five-star hotel by Nobu Hospitality and a 90,000-square-foot Life Time athletic facility.

“The Phipps Plaza redevelopment comes at a time when not many large blocks of office space are available in Buckhead,” said Patrick Peterman, vice president of development and asset intensification at Simon, in prepared remarks.

Construction to start in 2018

Construction on Phipps Plaza is scheduled to commence in 2018, while the opening will take place in phases. The new elements will be integrated into the existing structure, which will continue to be anchored by Nordstrom and Saks Fifth Avenue. Simon has already added hospitality and residential components to the complex. The AC Hotel Atlanta Buckhead at Phipps Plaza features 166 guest rooms and suites, while The Domain at Phipps Plaza consists of 319 luxury residences.

The CBRE team of Senior Vice Presidents Jeff Keppen and Chris Port, alongside Associate Nicole Goldsmith will spearhead marketing efforts on behalf of the owner. Earlier this year, CBRE negotiated two new leases at The Towers at Wildwood in the Northwest submarket of Atlanta.

“This asset will undoubtedly be sought after, given its superior location, incredible access and unmatched on-site amenities,” Keppen added, in prepared remarks.

Rendering courtesy of Simon Property Group