Atlanta Office Project Secures $100M Loan
- Apr 05, 2019
The Allen Morris Co. has secured a $100 million construction loan for its 267,237-square-foot creative office property, Star Metals Offices, in Atlanta. The office project is part of the Star Metals Atlanta mixed-use development, a $330 million project located in the West Midtown neighborhood.
HFF worked on behalf of The Allen Morris Co. to place the floating-rate construction loan with Barings LLC, a real estate investment manager, on behalf of institutional investors and Bank OZK.
Stars Metals Offices is located at 1055 Howell Mill Road in West Midtown, a submarket with the largest concentration of creative office inventory in the city, according to HFF. The 14-story property will include seven floors of office space and 30,707-square-feet of ground-floor retail space. Spaces, a coworking company, has already pre-leased 25 percent of the building’s footprint.
Amenities at the building will include a 5,000-square-foot rooftop bar and café, a 5,000-square-foot amenity space on the seventh floor, terraces on each office floor, bike storage, a fitness facility with showers, a drone delivery landing site and connection to MARTA public transit via a private building shuttle. The office property will also offer a five-level parking garage with 520 spaces for office workers.
The creative office building is located directly across the street from Star Metals Residences, a 409-unit luxury rental property that is the residential component of Star Metals development. The residential property is expected to open in July 2020.
“Star Metals Offices is intended to shatter the paradigm with the most innovative, creative and attractive work environment in Atlanta,” said W. Allen Morris, chairman & CEO of The Allen Morris Co., in prepared remarks. “It’s definitely not your grandfather’s office building. We are attracting the most innovative, disruptive companies that want to recruit and retain the top creative, tech-savvy workforce in the city.”
In February, the overall project was approved to receive a 10-year tax abatement that will begin once the 5.4-acre property is completed.