ATLANTA (January 17, 2018) –Granite Properties, a commercial real estate investment, development and management company, has formed a strategic, long-term partnership with Third & Urban, a real estate development firm. The partnership will create a portfolio to include the recapitalization of COMPLEX, an adaptive reuse, creative flex project on the Upper Westside, and the acquisition and development of Inland Tract, a group of warehouses that will also offer creative flex space, located at 1218 and 1236 Menlo Drive.
“Absorption for creative office space is running seven or more times market share in Atlanta right now. That is a compelling trend, and Granite is pleased to team up with a group like Third & Urban that has proven its ability to capitalize on that demand,” said John Robbins, Senior Managing Director of Granite Atlanta. “We look forward to breathing new life into old buildings, and hope to extend the partnership to other submarkets and cities where we can deliver cool, innovative spaces for businesses to flourish.”
Since Third & Urban unveiled Complex in December 2016, it has seen great success. Currently at 80 percent leased, some noteworthy tenants include Proof of the Pudding, Bold Monk Brewing, Look Listen and LTX Solutions. Third & Urban saw the emerging Upper Westside neighborhood as a compelling extension of West Midtown’s growth and appeal and, due to high demand, is on track to reach a complete lease out by June 2018.
At COMPLEX, Third & Urban has identified the creative trend as extending beyond pure office users to non-traditional businesses with partial warehouse needs. Born from that success, the partnership’s purchase of Inland Tract will result in the development of approximately 80,000 square-feet of workspace through the revitalization of two 1964 warehouses.
“We see a tremendous opportunity on the Upper Westside for these projects as this popular area continues to grow and develop a culture of its own,” said Pierce Lancaster, partner at Third & Urban. “Granite is a best-in-class operator and developer partner, and we’re excited to work together in delivering a creative product that answers today’s workplace demands both here and elsewhere.”
Granite currently owns and manages more than one million square feet of office buildings in Atlanta including Piedmont Center 5-8 in Buckhead, Parkside Terraces in North Fulton and 100 City View in Cumberland/Galleria. The company will manage the new portfolio on behalf of the partnership.
About Third & Urban:
Third & Urban are Developers Building Community—modern, culture-rich adaptive reuse and urban infill that anchors people not just city blocks; that retains context, history and experience, not just tenants; and that creates culture and connection, not just ROI. The Atlanta-based company is focused in the southeastern United States, creating unique spaces for office, retail and residential. The firm seeks opportunities in markets that exhibit a high quality of life, a strong workforce and consistent job growth. For more information, please visit www.thirdandurban.com.
About Granite Properties:
Granite Properties is a privately held commercial real estate investment, development and management company founded in 1991, with offices in Dallas, Houston, Atlanta, Denver and Southern California. It has completed more than $6.1 billion in real estate transactions and more than 26 million square feet of real estate development and acquisitions. Granite focuses its expertise, business approach and financial resources to help their customers, communities and their people to flourish through the places they create.