Co-Investment Opportunity for Office Development in Atlanta
Overview
Our company is developing a unique office tower in the West Midtown submarket of Atlanta, Georgia. The project is a $135.3MM, 14-story, 267,000 square foot “creative office” building. Centered in the heart of Atlanta’s creative and technology corridor, the Property will be developed into an iconic Class A office tower with ground floor retail. To kick-off the project, the Sponsor has executed a 56,000 square foot prelease with Spaces (25% of Office SF), a leading co-working group that exemplifies the entrepreneurial and creative spirit of the Project.
The financing closed in March 2019 with a total equity requirement of $35.3MM. Our family committed $21.7MM of the $35.3MM of equity and is looking to bring in additional like-minded families as partners with our Family keeping a minimum commitment of $7.5MM (>20% of total equity). More detailed information regarding the opportunity is included in the Deal Overview Materials.
About the Family
The project is being led by the Morris Family whom operates The Allen Morris Company, a 61 year-old, family-run development company. The Company has developed more than 80 successful development projects over its history, historically specializing in office development, and is currently led by the 2nd and 3rd generations of the Morris family.
The Company currently focuses on selectively developing best-in-class residential, office, hospitality and mixed-use projects in unique locations with unparalleled amenities and carefully curated retail experiences. To date, the Company has focused on markets throughout Florida and Georgia, where their 61 years of experience and long-term relationships have resulted in a competitive advantage in acquiring sites off-market; understanding local pricing, long-term value, and market cycles. The Company was founded by L. Allen Morris, who was originally from Atlanta, and is now run by his son W. Allen Morris with the third generation also taking an active role in the business.