NewStar Asset Management Announces Major Lease at Three Ravinia in Atlanta, Georgia

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Dec 21, 2021, 08:00 ET

ATLANTA, Dec. 21, 2021 /PRNewswire/ -- NewStar Asset Management ("NewStar"), on behalf of Preferred Apartment Communities, Inc. ("APTS"), announced today the execution of a new, 15-year lease with Hapag-Lloyd, an international shipping and container transportation company, for 127,115 square feet at Three Ravinia (the "Property") in Atlanta, Georgia. APTS has now backfilled all but one of seven floors vacated by State Farm in February 2021 as part of a planned regional headquarters consolidation. "Hapag-Lloyd's decision to relocate its Americas headquarters to Atlanta is yet another affirmation of the SunBelt region, the Atlanta market, and Three Ravinia. With this new customer the Property is again 94% leased, and we have accretively backfilled a 'known vacate' situation well ahead of schedule," said Carl Dickson, Chief Operating Officer for NewStar.

NewStar is asset manager for the Property on behalf of the owner, APTS. Ellen Stern, Sam Holmes, Jon Springer and Andrew Kaplan with CBRE represented Hapag-Lloyd in this lease transaction and Kyle Kenyon with CBRE represented the landlord.

About NewStar: NewStar Asset Management is a real estate-focused alternative investment and asset management company based in Atlanta, Georgia. For more information visit www.newstar-am.com.

About APTS: Preferred Apartment Communities, Inc. (NYSE: APTS) is a real estate investment trust engaged primarily in the ownership and operation of Class A multifamily properties, with select investments in grocery anchored shopping centers. Preferred Apartment Communities' investment objective is to generate attractive, stable returns for stockholders by investing in income-producing properties and acquiring or originating real estate loans. As of September 30, 2021, the Company owned or was invested in 107 properties in 13 states, predominantly in the Southeast region of the United States. Learn more at www.pacapts.com.

SOURCE NewStar Asset Management