Stockyards, the Federal Capital Partners® (FCP)/Westbridge Partners joint-venture adaptive renovation of three historic warehouses in West Midtown in Atlanta, GA, is under construction with an expected opening in the first quarter of 2017.
The project has reached agreements with four new tenants, bringing Stockyards to more than 65 percent pre-leased.
Tenants joining The Painted Duck, which was previously announced, are Fitzgerald & CO, Momentum Worldwide and Weber Shandwick, all owned by Interpublic Group (NYSE: IPG); Mannington Mills Inc., and a new restaurant concept from Charleston, S.C.-based The Indigo Road. The Painted Duck, quoted by owner Justin Amick as a “distinguished drinkery, duckpin bowling and gaming parlour,” is the sister concept to the popular The Painted Pin.
“Despite being early in the process, interest from both office tenants and retailers at Stockyards has been very strong,” said FCP Sr. Vice President Bryan Kane. “We are certainly excited to be more than 65 percent pre-leased, with high quality office, retail and entertainment tenants, even as construction is just underway.”
“The overwhelming interest and activity at Stockyards is reflective of a national trend where businesses appreciate the vibrancy and authenticity of highly amenitized, infill, adaptive reuse projects that live differently from traditional business districts,” said Chris Faussemagne, of Westbridge Partners. “There are not many opportunities like this left, and we are thrilled to be underway.”
Fitzgerald & CO is an award-winning, integrated creative agency founded 33 years ago in Atlanta. Momentum Worldwide, also native to Atlanta, is a total brand experience agency focused on sports, events, and shopper marketing. Weber Shandwick is one of the leading global communications and engagement firms. All three are members of McCann Worldgroup and will move in with over 200 people sharing more than 43,000 square feet.
A leading manufacturer of premium flooring, Mannington Commercial, will open a Customer Engagement Center and showroom at Stockyards. Mannington Commercial is a producer of commercial carpet, carpet tile, resilient sheet, LVT, hardwood and rubber flooring.
The Indigo Road hospitality group was founded in Charleston, S.C., in 2009 by managing partner Steve Palmer. Among its top restaurants are The Cocktail Club, Indaco, The Macintosh, Oak Steakhouse and O-Ku.
Stockyards will occupy three acres on the corner of 10th Street and Brady Avenue in West Midtown, Atlanta. The tract is one of the last remaining pieces of Atlanta’s historic industrial core. Located on the rail lines, the area served as the central clearinghouse for livestock through the 1800s and into the 1900s and includes two historic meat-packing buildings constructed in the early 1900s.
Westbridge Partners and Federal Capital Partners® are jointly developing Stockyards. Designed by architectural firm ai3, Stockyards will total 95,000 square feet of creative class A office space. The street level will include an additional 13,000 square feet of restaurant space with 25,000 square feet located on the lower level. The project will include 400 parking spaces within a parking structure to support easy access from multiple entry points. Gay Construction is the General Contractor.
Cushman and Wakefield is handling the office leasing. SunTrust Bank (NYSE: STI), represented by Mark Hancock, Senior Vice President, Commercial Real Estate, is the senior lender.
About Westbridge Partners
Westbridge Partners is an Atlanta, Ga.-based commercial real estate firm with extensive experience rehabilitating and restoring historic structures and developing unique product types. Westbridge helmed the development of the southern side of the Westside Provisions District including the bridge and is responsible for much of the redevelopment around 14th Street and Howell Mill Road in Midtown, Atlanta. Westbridge Partners has extensive experience in historic preservation, renovation and re-use. The commercial real estate development firm acquired the White Provision building in 2005 and served as the development partner for the project. The firm has played a critical role in transforming West Midtown into a retail and restaurant destination ushering in the surge of activity that has made the area one of the most sought-after markets in the region. For more information, visit www.westbridgepartners.net
About Federal Capital Partners
Federal Capital Partners is a privately held real estate investment company that has invested in or financed more than $4.0 billion in assets since its founding in 1999. FCP invests in all asset classes and provides equity, preferred equity and structured debt investments for commercial and residential real estate. The firm, based in Chevy Chase, MD, owns and manages in excess of $2.3 billion in assets. FCP is currently investing its third investment fund, a recently closed commingled, discretionary fund targeted at real estate markets on the East Coast of the United States. For further information on FCP, please visit www.fcpdc.com