Rubenstein Partners Announces Pennant Park Refinancing

ATLANTA, Dec. 21, 2020 /PRNewswire/ -- Rubenstein Partners, L.P., a vertically-integrated real estate investment adviser focused on value-added office opportunities (together with its affiliates, "Rubenstein"), has refinanced Pennant Park, a 6-building office park in Atlanta's Northwest submarket, with a $114 million loan facility provided by Nuveen Real Estate.  This transaction comes after the substantial completion of Rubenstein's business plan for the property, which involved approximately $17 million of improvements aimed at transforming the property into a walkable Class-A urban office environment with immediate access to Truist Park, home of the Atlanta Braves, and a growing set of local amenities both on and off campus.

"After acquiring the property, we formulated a strategy to unlock value by improving the tenant experience on campus and enhancing connections to the increasing array of amenities surrounding the park," said Tim Skender, Vice President at Rubenstein.  "We believe that our strategy has translated into leasing success for Pennant Park, ultimately supporting our ability to refinance through this transaction with Nuveen Real Estate.  The Nuveen Real Estate team recognized the value of Pennant Park as a differentiated, amenitized office campus in an area of Atlanta with strong demand drivers, making them an ideal partner for the deal."

The 6-building, 760,000 square foot development is located at the intersection of I-75 and I-285 in the Northwest submarket of Atlanta.  Under Rubenstein's ownership, Pennant Park has seen over 550,000 square feet of total leasing since acquisition in April 2016 (including renewals).  Highlights include a 70,000-square-foot lease at 3100 Interstate North Parkway with thyssenkrupp Elevator Americas, which now houses company's shared services division headquarters, a 223,000 square foot lease with a major retailer, a 25,000-square-foot lease expansion and extension by ARCO Design Build, a 28,000 square foot lease with Artera Services (formerly Power Team Services), a 20,000 square foot lease with Juneau Construction, and a 13,000 square foot lease with Oversight Systems.

Improvements undertaken by Rubenstein at Pennant Park include common area enhancements such as The Quad, a courtyard amenity that is now a popular outdoor gathering space.  "We worked hard to turn this outdoor space 180 degrees, from an afterthought to a magnet amenity that is being utilized by tenants and enhancing their satisfaction," Mr. Skender added.  "Convenient access to outdoor spaces is particularly important now."  The focus on outdoor access continued with improved connections to walking and biking trails that reach Truist Park, the mixed-use development, The Battery Atlanta, and 1,200 acres of pristine national forest on the Chattahoochee River. Interior upgrades at Pennant Park included new lobbies, restrooms, and building systems.  Rubenstein's plan also involved sales of non-essential buildings to create the logical core campus that exists today, and creative value-add executions like a parking lease with the Atlanta Braves for evening and weekend games.

"We believe that the Atlanta market has remained fundamentally strong through the pandemic, and this refinancing supports our continued leasing efforts through what we anticipate will be a rapid recovery," said Taylor Smith, Senior Vice President and Regional Director of Southeast for Rubenstein.  "The area surrounding the Battery should liven up quickly as the Braves start play again, and Piedmont's planned renovation of the Galleria is likely to attract more activity to this area as well." 

Rubenstein worked with the Cushman & Wakefield Equity, Debt and Structured finance team of Mike Ryan, Brian Linnihan, Richard Henry, and Blake Cohen to secure the financing.

About Rubenstein Partners

Rubenstein Partners, L.P. founded in September 2005, is a private real estate investment advisory firm with operations throughout the United States.  The firm is led by its founder, David Rubenstein, and a group of senior real estate executives, and is focused on directing and managing office real estate investments in the U.S.  Rubenstein Partners' predecessor company, The Rubenstein Company, LP and affiliates, founded in 1969, was one of the largest private owner operators of Class A office real estate in the Mid-Atlantic, owning and operating a portfolio of assets valued at approximately $1.2 billion at the time of its disposition in 2004.  Since 2005, Rubenstein Partners has, on behalf of its investors and clients, invested in more than 22.5 million square feet of office real estate assets throughout the United States.  For more information, visit www.rubensteinpartners.com.

Contact:
Great Ink Communications, Ltd. – 212-741-2977
Eric Waters ([email protected])
Tom Nolan ([email protected]) 

SOURCE Rubenstein Partners

WANT YOUR COMPANY'S NEWS FEATURED ON PRNEWSWIRE.COM?

440k+
Newsrooms &
Influencers

9k+
Digital Media
Outlets

270k+
Journalists
Opted In

GET STARTED