January 14, 2020— Bridge Investment Group LLC’s (Bridge) subsidiary Bridge Office Fund Manager (Bridge Office) announced today a string of new tenant signings and lease expansions at Royal Centre III and IV, two Class A office buildings in Alpharetta. Located on Great Oaks Way, the buildings are both in close proximity to Georgia State Route 400 via exit 10 as well as a bevy of new development surrounding the popular mixed-used Avalon project, Alpharetta City Center and North Point Mall.
Led by Jim Caswell, Russell Hofstetter and Nathan Williams, Bridge’s leasing team executed over 220,000 square feet of deals across the Royal Centre portfolio in 2019. That total includes a recently executed lease with MarketSource, expanding the Alpharetta-based marketing and sales-solution provider’s presence to 121,000 square feet at the 312,112-square-foot Royal Centre IV.
“Royal Centre’s location is hard to match as it provides excellent access to major transit routes along with a variety of local amenities in and around Alpharetta,” said Rick Haviland, President of MarketSource. “The recent capital improvements at Royal Centre IV have created an inviting and modernized workplace environment that appeals to both our employees and our clients. Our team members have taken advantage of the upgraded common areas, especially the Royal Club lounge which provides the ideal setting to collaborate or simply recharge without having to leave the building. We look forward to calling Royal Centre home for many years to come.”
Birmingham-based Infinity Insurance also renewed and expanded its lease to 35,000 square feet in the building in 2019. At the adjacent 169,497-square-foot Royal Centre III, Bridge recently leased 15,000 square feet to Control Scan, an Alpharetta-based managed security and compliance provider.
Bridge acquired Royal Centre III and IV in April 2018 and has since invested more than $6 million in major capital improvements that have positioned the office campus as one of North Fulton’s leading workplace communities. Recent upgrades to both buildings include renovations to restrooms and common corridors as well as new tenant lounges and conference facilities with adjoining patios and outdoor seating.
“Our recent capital improvements at Royal Centre III and IV are strategically designed to help our tenants reach their business goals and deliver a setting that resonates with the market’s top talent,” said Jeff Shaw, CEO for Bridge Commercial Real Estate. “The feedback we have received from tenants and recent leasing momentum at the buildings validates Bridge’s business plan, and we anticipate continued growth across the campus as we move into 2020.”
With design and construction efforts overseen by Tamala Herd and Becky Stephens, the new tenant lounge at Royal Centre IV pulls inspiration from Royal Typewriters through stylish, vintage touches, yet is primed to satisfy different workstyles today. Named The Royal Club, the 7,000-square-foot space includes a variety of flex, café seating options with convenient access to electrical outlets, a contemporary kitchen for hosting events, tech-ready conference and training facilities, expansive windows for natural light and games like shuffleboard and foosball for employees to unwind and take breaks from the workday.
At Royal Centre III and IV, Bridge also added flexible term spec suites complete with WiFi and furniture to accommodate tenants seeking short-term leases.
“Avalon’s great mix of restaurants and retailers has become the center of gravity for North Fulton, and the proximity to those major entertainment hubs will position Royal Centre and its tenants for future growth and success,” said Caswell, who serves as Vice President of Leasing for Bridge Commercial Real Estate. “Rental rates remain healthy and are relatively cost effective when compared to highly amenitized communities of a similar caliber in metro Atlanta, such as Midtown and Buckhead.”
Considered a fast-rising player in the U.S. commercial office market, Bridge has been increasingly active in the market, including the recent acquisition of the Dupree Building, a six-story, 138,433-square-foot, Class A in the Cumberland/Galleria submarket of Metro Atlanta. Bridge is investing approximately $4.5 million to create the next-generation workplaces that employers desire to attract and retain top talent, with renovations set to deliver in 2020.
In addition to Royal Centre III and IV and the Dupree Building, Bridge’s Atlanta portfolio includes Embassy Row, a five-building, 670,000-square-foot Class A office campus in the Central Perimeter submarket, and Lenox Park, a first-class mixed-use development with more than 1 million square feet of Class A office space, where Bridge is currently renovating and leasing space at 1277 Lenox Park Boulevard.
Bridge Commercial Real Estate LLC, the operating company for Bridge Office, is overseeing all leasing and property management activities at Royal Centre III and IV.