By ignoring shortsighted naysayers and focusing on a global tenant’s investment, we exceeded investor expectations with the acquisition and subsequent sale of 4800 North Point Parkway.
4800 North Point Parkway is a 75,000 square foot Class A office building located in the highly affluent North Fulton market.
In 2011, one of the world’s largest producers of energy-efficient, resource-saving building technologies signed a lease for a significant amount of space in the building. With an office design as innovative and forward-thinking as the company, the tenant invested a significant amount of its own money in building out the space to its unique, ‘global workplace’ specifications.
The build-out investment from a highly respected, global corporation indicated to us that they saw value in the location and that they were making a long-term commitment to the space. Although many local real estate ‘experts’ had a negative perception of the market and the property itself, at 64 percent occupancy, we saw potential.
With our proven ability to identify unique opportunities, our industry expertise and our knowledge and understanding of the local marketplace, we did what we do best: we bucked a trend and took a calculated risk.
Glenfield Capital acquired 4800 North Point Parkway in July of 2012.
In less than eight months we successfully increased occupancy to an impressive 95 percent. With tenants that clearly intended to stay and had even indicated a desire to expand their space as their business grew, the asset was sold two years ahead of schedule and at a significantly higher price than anticipated.