September 5, 2019 – Bridge Investment Group LLC’s (Bridge) subsidiary Bridge Office Fund Manager (Bridge Office) announced today the acquisition of the Dupree Building, a six-story, 138,433-square-foot office building located at 6120 Powers Ferry Road in Atlanta. Situated in the Powers Ferry district of the Cumberland/Galleria submarket with convenient access to Interstate 285, Interstate 75 and Georgia Highway 400, the Class A property is close to numerous Fortune 500 companies who find the location ideal for their workforce. The Dupree will offer a contiguous block up to138,000 square feet.
Bridge will invest approximately $4.5 million in capital improvements to create the amentized environment employers desire to attract and retain top talent. The renovations will commence immediately and create a hospitality-inspired communal workspace including a fully modernized lobby, new tenant amenity lounge, conference and training center, as well as connected outdoor collaborative space and landscaped patio.
The latest acquisition increases Bridge’s Metro Atlanta office portfolio to more than 2.8 million square feet, continuing an impressive run of growth that has seen the firm emerge as one of the region’s leading office players. In addition to the Dupree Building, Bridge also owns Lenox Park in Brookhaven, Embassy Row in Sandy Springs, Royal Centre and Park at Windward in Alpharetta.
“We’re pleased to finalize the Dupree acquisition. This presents a unique value-add opportunity in a vibrant employment hub,” said Jim Caswell, vice president of leasing for Bridge Commercial Real Estate LLC. “The property’s location has proven to be attractive to large corporations, with nine Fortune 500 companies located within one mile. Nestled centrally between I-75 and GA 400, the Dupree is minutes from premier neighborhoods such at Buckhead and Sandy Springs but also provides direct access to popular suburbs such as East Cobb. With a growing segment of millennials migrating to the north, the Dupree allows the entire workforce to live close to home and we expect this area to remain in high demand in the years ahead.
New data from the U.S. Census Bureau reveals that population growth in the suburbs is once again outpacing cities, especially among millennials. Suburban areas grew at roughly four times the rate of urban core areas in both 2016 and 2017, with Atlanta and other Sun Belt markets registering some of the highest gains.
Considered a fast-rising player in the U.S. commercial office market, Bridge has been increasingly active in the market. The company closed on more than 6 million square feet of office space nationally over the last year, including the acquisitions of Cornerstone Plaza in Sorrento Mesa, Ca., Sunrise Technology Park in Sunrise, Fla., Station Square in Silver Spring, Md., The Campus at Sunrise in Reston, Va., Denver West Business Park in West Denver, Co., One North LaSalle in Chicago, Ill. and O’Hare International Center in Rosemont, Ill.
Bridge Commercial Real Estate LLC, the operating company for Bridge Office, will oversee all leasing, property management and redevelopment work at the Dupree.
Office spaces will range from 24,000 square feet to 138,000 square feet. The Dupree is ideal for larger users or a full building corporate headquarters. The renovations will deliver in 2020 creating an environment and daily experience the modern tenant requires. Leasing at the Dupree Building will be led by Jim Caswell and Russell Hofstetter.