Shorenstein Acquires 14th & Spring in Atlanta

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Jul 24, 2024, 08:00 ET

Investment Re-Affirms Presence and Conviction in Midtown Atlanta Market

SAN FRANCISCO, July 24, 2024 /PRNewswire/ -- Shorenstein Investment Advisers ("Shorenstein"), an owner and operator of high-quality office, residential and mixed-use properties across the U.S., today announced its acquisition of 14th & Spring ("the Property"), a 12-Story, Class A office tower in Atlanta.

The 324,000-square foot office tower is located in the heart of Midtown Atlanta, accessible to Downtown Connector, and within walking distance of Atlanta's hotels, multifamily homes, retail and dining attractions. The Property is designed to prioritize a welcoming experience for all tenants, including outdoor balcony spaces, collaboration hubs, an expansive lobby, as well as amenities such as a coffee shop and fitness center. The Property also has multiple signage opportunities in the Midtown skyline and below deck parking.

"Our investment in 14th & Spring was a rare opportunity to acquire a Class A property in a prime location," said Claude Esposito, Vice President at Shorenstein. "We closed without any financing and plan to make a significant follow-on investment in the asset with a capital plan to enhance common areas and further expand the amenity offerings. Having acquired the property at an attractive basis, we look forward to offering future tenants an exceptional value proposition for such a high-quality property."

To support its capital improvement plans, Shorenstein has appointed ASD | SKY to reposition the lobby, enhance the exterior, update the building entrance and expand amenity offerings. Murphy Meyers has also been selected to design a full floor of spec of suites in various size ranges, to be constructed immediately.

This investment underscores Shorenstein's continued confidence in the Atlanta market and builds on past investments in the region, including Shorenstein's six-year revitalization of the Bank of America Plaza – the tallest tower in the Southeast – into a landmark of modernity and efficiency.

Supporting Shorenstein in this venture is CBRE's leasing team, led by Jeff Keppen, Nicole Goldsmith and Kyle Kenyon, who also played a role in the Bank of America Plaza transformation. The team will be bolstered by new member Maddie Nagley.

CBRE's Nicole Goldsmith expressed conviction in the project, adding, "We are confident we'll replicate the tremendous leasing success at 14th & Spring that we achieved with Shorenstein at Bank of America Plaza. This asset offers the access, amenities and flexibility that today's tenants are looking for."

About Shorenstein
Shorenstein is a privately-owned, real estate firm that, through affiliated entities, owns and operates high-quality office, residential and mixed-use properties across the U.S., with offices in San Francisco and New York. Since 1992, Shorenstein has acquired $19 billion in assets (as of December 31, 2023). Using its integrated investment and operating capabilities, the firm seeks to take advantage of opportunities that, at the particular time in the investment cycle, offer attractive returns. Investments have included ground-up developments, asset repositioning and stabilized assets; investment structures have included asset acquisitions, mezzanine loans, preferred equity investments and structured joint ventures. More information is available at www.shorenstein.com.

Contact:
Sarah Salky / Madeline Jones
Joele Frank, Wilkinson Brimmer Katcher
212.355.4449

SOURCE Shorenstein Properties LLC