PROVEN PERFORMANCE
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Situation
- Atlantic Center Plaza, a 24-story building located off West Peachtree Street, is overshadowed by the neighboring One Atlantic Center skyscraper which shares the design, but is more than twice as tall. As a result, the business community referred to the project as “Mini-me”.
- By early 2013, ownership had applied an unsuccessful leasing campaign which resulted in a durable occupancy rate of 39 percent. The vacant space competed with large blocks of availability in Midtown’s trophy skyscrapers.
- The lobby experience of the building could be characterized as “very nice,” but was in no way distinguished from lobbies of the competitive set. Tenant rep brokers considered the parking deck to be challenging to navigate.
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Action
- Crocker Partners had previously owned the project and stepped in to provide fresh capital. Crocker hired Stream Realty Partners to lease up the project. Stream recognized that a rebranding and new image strategy for the property was essential to successful leasing. The strategy highlighted the boutique nature of the project and turned weaknesses into strengths
- First, we changed the name. Atlantic Center Plaza is often confused with the neighboring One Atlantic Center. Since the signage rights had been given away to Regions Bank by the prior owner, the general public would have an easier time identifying the project as “the Regions building in Midtown” or officially; Regions Plaza.
- Second, we resolved that delivering exceptional service would allow Regions Plaza to go from good to great. The rationale was that while most business decision makers can easily recognize the best global hotel operators, there is no consensus on the best office building operators. By delivering a Four Seasons-like experience to tenants, visitors, and prospects we could turn “Mini-me” into a highly desired boutique brand.
- The enhanced service experience includes a prominent reception desk, smiling concierge, security staff that is trained to act like bell staff, custom scent pumped into the lobby HVAC and flavored water in the lobby. The branded valet car service ameliorates any concerns about navigating the parking deck. Finally, we recognized that the lobby needed an injection of energy. Stream recommended converting the quiet tenant amenity gym on the lobby level to a recognizable retail concept visible both from the lobby and to the world outside the building.
Results
- Stream cold-called Flywheel Sports, a NYC-based fitness phenomenon that is popular with celebrities and expanding in global gateway cities. We communicated to Flywheel that their concept was desperately in need of a Midtown Atlanta location. We convinced Flywheel that our service enhancements and their energy would result in a symbiotic enhancement of both brands.
- Flywheel believed in Stream’s vision for the project and opened their only Midtown Atlanta location in the lobby of Regions Plaza in April 2014.
- Just prior to Stream’s engagement, law firm Miller Martin had made the decision to pass on Mini-me and renew their lease at Proscenium, an attractive well-managed office building with a Peachtree Street address. They believed that there was no reason to move and that the parking at Mini-Me was challenging. Upon being hired, Stream convinced the partners of Miller Martin to attend a presentation in which Stream discussed why they should relocate.
- Miller Martin signed a lease to relocate to Regions Plaza in 2014.
