ATLANTA, GA – Dec. 12, 2023 – Stream Realty Partners, a national commercial real estate firm offering an integrated platform of services, represented Balfour Pacific, a leading private equity real estate firm based in Vancouver and focused on investments in North America, in three lease transactions at Parkwood Point, a 219,660-square-foot office building located at 2018 Powers Ferry Road in Atlanta, GA.
ABB, a technology leader in electrification and automation striving for a more sustainable and resource-efficient future, extended their lease and downsized to 12,200 square feet. Beamex, a world-leading calibration technology and expertise company, leased 11,200 square feet at the building, while Thrive, a strategic design firm innovating at the frontiers of health and well-being, renewed for 8,800 square feet at their headquarters location.
Stream Atlanta Managing Director Peter McGuone and Vice President Parker Welton represented ownership in the transactions. Josh Hirsh at JLL represented ABB, Steven Bates at Savills represented Beamex, and Griff Sims and Tim Palmer at Lee & Associates represented Thrive.
Cumberland Galleria has been one of the most active submarkets in 2023, and continues to experience absorption. The Battery, a vibrant mixed-use development, has been the catalyst to attract top companies to the Cumberland Galleria submarket. The demand for experiential spaces remains high, emphasizing the need for creating engaging work environments.
“The Battery has been a game changer for the Cumberland Galleria submarket. We continue to see companies who want to locate nearby take advantage of that amenity base. Parkwood Point provides access to the Battery and its own set of amenities and walkable restaurants – all at a rental rate that is achievable for most tenants,” said Stream’s McGuone. “Furthermore, the new ownership group is actively improving the building, which is resonating with the market.”
New renovations to the building consist of a lobby refresh, installation of outdoor amenity space, and common area improvements. First-class amenities include a new tenant lounge, 50-person conference facility, upgraded fitness center, on-site security presence, and a covered parking ratio of 4.5 per 1,000 SF (above market standard). A dozen quality restaurants and retailers are within walking distance, offering a variety of choices for employees and visitors alike. Seated atop one of the highest elevations in the area, Parkwood Point offers a prime building signage opportunity, visible from Truist Park. It also benefits from premium frontage and accessibility along thoroughfares directly connected to two major Atlanta interstates.
Balfour Pacific acquired the nine-story Class A office building in 2022. The firm and its parent company, Belzberg & Co., currently manage $390 million in committed real estate capital and assets on behalf of institutions and high net worth investors. Since 2011, the Belzberg organization has successfully invested in and managed over $2 billion in assets.
For more information on Parkwood Point, contact Stream Atlanta at 404.962.8600.
About Stream Realty Partners
Stream Realty Partners is a national commercial real estate firm offering an integrated platform of services including leasing, Legendary CX property management, tenant and landlord representation, capital markets, investment management and sales, development, construction management, national program management, workplace strategies, strategic marketing, and dedicated research. The company is headquartered in Dallas and operates 15 core offices in markets that cover areas including Alexandria, VA; Arlington, VA; Atlanta; Austin; Boca Raton; Charleston; Charlotte; Chicago; Colorado Springs; Dallas; Denver; Fort Lauderdale; Fort Worth; Greenville, SC; Houston; the Inland Empire; Irvine; Los Angeles; Miami; Nashville; Orange County; Phoenix; Raleigh-Durham; Reston, VA; San Antonio; Tysons; Washington, D.C.; and West Palm Beach. Since 1996, Stream has grown to more than 1,350 professionals and now completes more than $6.9 billion annually in office, industrial, retail, healthcare, land, and data center transactions. For information, visit www.streamrealty.com and follow Stream on LinkedIn, Instagram, Twitter, and Facebook.