ATLANTA, GA – PM Realty Group (PMRG), a nationally recognized, full-service commercial real estate firm, today announced that the company has successfully relocated nine tenants from two of the three Powers Ferry Landing East buildings, which were sold to the Fulton County Board of Education, into the property’s third and recently renovated building, located at 6190 Powers Ferry Road.
Powers Ferry Landing East is a trio of six-story office buildings totaling approximately 393,502 square feet, and is located near Interstates 285 and 75 in the Cumberland/Galleria submarket of Atlanta, considered one of the city’s most desirable neighborhoods. The property was constructed between 1979 and 1985, and offers almost 1,600 surface parking spots, a fitness center, restaurant and access to banking and hotel services. The three steel and glass office properties are arranged on 23 wooded acres near the Chattahoochee River and measure between 122,392 and 147,027 square feet.
KBS Strategic Opportunity REIT (KBS), previously the sole owner of all three buildings, recently sold 6201 Powers Ferry Road (124,083 square feet) and 6151 Powers Ferry Road (121,883 square feet) to the Fulton County Board of Education. The Fulton County Board of Education will move their Administrative Offices to 6201 Powers Ferry Road, demolish 6151 Powers Ferry Road and make it the future site of the district’s new Heards Ferry Elementary School, scheduled to open in August 2015. KBS retains its ownership of 6190 Powers Ferry Road. KBS-affiliated companies own five other office buildings in the Atlanta area.
Heards Ferry Elementary School will be a state-of-the-art three story school designed by Collins Cooper Carusi Architects, Inc. PMRG, who is responsible for leasing and management of all three buildings, worked with existing tenants at 6151 Powers Ferry Road to relocate them, nine of which moved to the recently renovated 6190 Powers Ferry Road totaling approximately 50,000 square feet. 6201 Powers Ferry Road is currently vacant. LL Global, currently located at Wildwood Office Park, will also lease approximately 26,339 square feet of space at 6190 Powers Ferry Road, occupying the entire sixth floor. Renovations included updates to the lobby, restrooms, café, fitness center and common area corridors, the addition of a 30 to 50 person conference center, and a complete redesign of the exterior landscape.
"There was a collaborative effort to find new office space for the 14 tenants that currently occupy 6151 Powers Ferry Road,” commented KBS Senior VP, Jeff Rader. “Our tenants were very cooperative during the process and with improvements underway at 6190 Powers Ferry Road including a new lobby, conference facility and fitness center we believe that the new space will be a significant upgrade from the current building.”
PMRG’s leasing team consists of Bill Weghorst, Dean Giordano and Scott Rees. “We are very proud of the progress our team has made in assisting the transition at Powers Ferry Landing East,” said Weghorst, Executive Vice President and Managing Director of PMRG’s Southeast Division. “The sale of 6201 and 6151 Powers Ferry Road has had, and will continue to have, a major impact on all members of the community, but as the result of our close relationship with KBS we’ve been able to work lockstep to implement these changes as smoothly as possible.”
About KBS Capital Advisors
KBS Capital Advisors is an affiliate of KBS Realty Advisors, a private equity real estate company and SEC-registered investment advisor founded in 1992. Since its inception, KBS Realty Advisors and its affiliated companies have completed transactional activity of approximately $25 billion via 14 separate accounts, six commingled funds, five sovereign wealth funds and five non-traded REITs. For information, visit www.kbscapital.com.