MANSELL WEST OFFICE PARK
80,000 SQUARE FOOT NORTH FULTON COUNTY CLASS B OFFICE PROJECT SELLS FOR MORE THAN $8 MILLION – MANSELL WEST OFFICE PARK – Leasing and asset disposition services provided on behalf of ownership
Harold Wyatt was engaged by North Atlanta Partners, LLC to provide landlord representation services in leasing two new speculative office buildings in the North Fulton submarket. The landlord developed and delivered the buildings in two phases totaling 80,000 square feet of Class B office space. Wyatt provided preleasing services for the project which resulted in the owner receiving favorable construction financing.
Phase I was immensely successful in that the project achieved greater than 95% occupancy within the first 12 months of delivery and included two Fortune 500 tenants, YUM Brands and Dan River, Inc., that occupied approximately 60% of the building. Phase II was delivered in a challenged office leasing environment after the dot com meltdown although Wyatt was able to secure quality tenants in BellSouth Corp., McAfee, and a local private bank which collectively totaled more than 50% of the building.
Ownership then engaged Wyatt to market the project for disposition to an investor. After a thorough and targeted marketing campaign, the owner selected an affiliate of Alex Brown Realty, an investment firm in Baltimore, MD, as the winning purchaser in a sales transaction in excess of $8 Million.