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Colony Square Launches “Flip the Switch” Office Leasing Program

07.15.2020

About Colony Square

At the corner of Peachtree and 14th Streets, Colony Square is not only the heart of Midtown, it’s the heart of Atlanta – an original icon at the very center of the ever-rising capital of the modern South. Today, Colony Square is becoming an icon of another kind, bringing the Art of Modern Life to Midtown. Featuring 912,000 square feet of Class A office, 160,000 square feet of best-in-class retail, a 466-room hotel and 262 luxury residences, the reimagined Colony Square will be known as a foodie haven; shopping and entertainment destination; sophisticated business hub; and an amenity-rich, arts-infused place to gather with community and soak up Midtown’s vibe. Open, walkable and transit-friendly, the reimagined Colony Square, like all great city squares, will be seamlessly connected to the vibrant energy of the streets around it. To learn more about Colony Square, follow the Midtown destination on Twitter, Facebook and Instagram, and visit colonysquaremidtown.com.

 

About North American Properties

Founded in 1954, North American Properties is a privately held, multi-regional real estate operating and development company that has acquired, developed and managed more than $7 billion of mixed-use, retail, multifamily and office properties across the United States. Rooted in its purpose-driven approach to development, North American Properties is creating great places that connect people to each other; cities to their souls; partners to opportunities; and individuals to experiences that move them. Headquartered in Cincinnati, with offices in Atlanta, Dallas and Fort Myers, Florida, the company has developed 22 million square feet of commercial space and 19,000 residential units in 15 states and 67 cities. In the past three years, North American Properties has launched 36 projects totaling $2.2 billion in total capitalization. In metro Atlanta, North American Properties led the turnaround of Atlantic Station and the ground up development of Avalon. Currently, the team’s $5 billion mixed-use development pipeline includes: Colony Square in Midtown Atlanta, Newport On The Levee in Newport, Kentucky, and Riverton in the New York / New Jersey metro area. For more information, please visit naproperties.com.


Media Contact:

Britni Johnson 
The Wilbert Group 
(912) 580-7241 
bjohnson@thewilbertgroup.com 

 

ATLANTA (July 15, 2020) – With nearly one million square feet of office real estate, Colony Square in Midtown Atlanta is launching a novel workspace program designed for employers who are looking for market responsive move-in ready workspaces and economy driven short-term commitments. The program is responsive to the state of office leasing today, when many employers are hesitant to sign long-term leases and invest capital in designing and furnishing new office space.

 

Colony Square’s developer North American Properties (NAP) and office leasing team Cushman & Wakefield are co-creating the program. Space is available now and ranges from 3,000 to 20,000 square feet. Key features include:

  • Leases are based on licensing agreements with electronic execution, which reduce transaction costs and make the lease negotiation process more efficient. The licensing agreements are set for approximately 6-18 months.
  • Little to no capital or permitting are needed to build out and occupy the space. Flip the Switch offices come move-in ready with flexible furniture. This is especially relevant as office furniture suppliers are backlogged due to COVID-19 manufacturing impacts.
  • Internet wiring is time-consuming and requires permitting, but with built in connectivity businesses can open up their laptop, flip the switch and get online.
  • UV lighting and other COVID-19 safety measures. NAP is investing approximately $280,000 to install UVC lighting technology to purify and destroy airborne bio-contaminants as part of Colony Square’s existing air filtration systems. This investment comes alongside other safety measures put in place, including an Elevator Concierge, increased cleaning protocols, limiting gatherings of more than 10 people and installing signage to reinforce social distancing and hygiene best practices.

 

“We were seeing a trend toward pop-ups and shorter lease terms in office and retail real estate before COVID-19,” said Tim Perry, Managing Partner at NAP. “The pandemic has dramatically accelerated this trend and introduced new concerns for employers. We’re hearing that employers want to control their own workspace to keep their employees and visitors safe and be able to focus on short-term business needs while still evaluating long-term business strategies during the recovery. They may also have limited capital to allocate toward building out new workspace. This solution at Colony Square allows employers to simply ‘flip the switch’ on a new office environment that serves their purposes for at least the next 18 months.”

 

Managing Director at Cushman & Wakefield Andy Sumlin added, “There are still so many unknowns about the virus’ impact on the economy and more specifically, office real estate. Employers are understandably seeking to run their businesses with low risk and low commitments. We are filling a gap in the market by offering a solution outside of coworking, remote working and traditional office space.”

 

Since acquiring Colony Square in late 2015, NAP has hosted hundreds of community events; demolished the former indoor mall; completed Building 300, one of two new office towers and home to the new regional headquarters for Whole Foods Market; started construction on Building 500, future home of international law firm Jones Day; and created more pedestrian connectivity and greenspaces throughout the mixed-use destination, while also enhancing street-level retail space to further engage the surrounding district. In addition, Colony Square launched its Elevator Concierge program this month to help guide and support the return of office workers. The full-service Concierge will open at the bottom of Building 300 on July 6.

 

By 2021, Colony Square will encompass over one million square feet of office, retail, dining and entertainment space, including luxury dine-in movie theater IPIC, Holeman and Finch Public House, Rumi’s Kitchen, American Barber Shop, Brown Bag Seafood Co., AYA Medical Spa and a 20,000-square-foot food hall, among others.

 

A virtual tour of the space can be viewed here and Google. For more information about Flip the Switch at Colony Square, contact Cushman & Wakefield Director Sonia Winfield at Sonia.winfield@cushwake.com.

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