A story of prosperous leases and urban renewal
When BeltLine office rents soared past the rest of the city earlier this year, the Atlanta Business Chronicle called it “a reminder that the 22-mile loop has been one of the most significant catalysts of change within Atlanta’s commercial real estate ecosystem within recent history.” Adding to that impressive real estate history is Studioplex, a mixed-use property in the city’s Old Fourth Ward just steps from the BeltLine and only blocks from Downtown and Midtown Atlanta and the Virginia Highland District.
Pollock Commercial recently completed two leases at the historic building to Kai, a more than 40-year-old architecture, engineering and construction firm represented by CBRE’s Nima Ghomghani, and Switchyards, a local coworking community billed as “the world’s first neighborhood work club” represented by Foundry Commercial’s Lawrence Gellerstedt, IV. Both tenants sought convenient locations that offered walkability to shopping, dining and The BeltLine, and they came to the right place in Studioplex.
Switchyards relies on “real estate that has authentic character and a welcoming front door that opens onto the street corner of the best places to live in the city,” said Gellerstedt. “In many ways, Studioplex has been serving this same mission since long before Switchyards was founded. It was the natural place for the company to serve Inman Park, Old Fourth Ward and the many other east side neighborhoods on the BeltLine.”
Rent in office buildings close to the Eastside Trail has increased by 189% since 2012 as opposed to rent growth of 49% overall for metro Atlanta during that same period, the Business Chronicle reported. The publication added that the BeltLine product — loop-adjacent buildings are often categorized as “creative office” — also offers a “template for qualities office property owners are blending into their new and existing projects, from emphasis on connections to trail systems to restaurants and entertainment.”
“The BeltLine continues to attract tenants seeking the best of what Atlanta has to offer, and Studioplex is one of those locations that brings together all the appeal and connections,” said Jeff Pollock, owner and managing principal at Pollock Commercial. “We are grateful to successfully lease suites once again in this historic and unique project.”