October 18, 2019 – Bridge Investment Group LLC’s (Bridge) subsidiary Bridge Office Fund Manager (Bridge Office) announced today that it executed two leases at Embassy Row, a five-building, 670,000-square-foot Class A office campus situated on 38 acres adjacent to Georgia State Route 400, Interstate 285 and the Sandy Springs MARTA station. Newell Brands, a Fortune 500 company that recently announced plans to relocate its corporate headquarters back to Atlanta, signed a new lease agreement. In addition, Career Education Corporation (CEC) renewed its existing lease for 75,711 square feet, extending a relationship that began in 1998 when the company moved into the building.
Bridge acquired Embassy Row in May 2015, and has since invested more than $5 million in capital improvements that have positioned the building as one of Central Perimeter’s leading workplace communities. Recent improvements include a complete renovation of the buildings’ lobbies and common areas, including restrooms and corridors, as well activating the courtyards and green spaces with new seating and collaboration space. The park was rebranded with new wayfinding and monument signage as well as exterior landscaping. Lying on 38 wooded acres, Embassy Row also features a wealth of amenities including a 4,000-square-foot on-site restaurant, conference facilities and a fitness center.
Led by the leasing team of Jim Caswell, Russell Hoffstetter and Nathan Williams, Bridge has executed more than 550,000 square feet of new and expanded leases since acquiring Embassy Row four years ago. Rental rates have grown by 33% over that time, with total occupancy at the building now at 90%. The campus also offers attractive potential for additional value-add investment strategies.
“Embassy Row offers a rare combination of Class A amenities, access to mass transit and proximity to Metro Atlanta’s most influential employment hub,” said Caswell. “Our recent capital improvements along with the exceptional service provided by the long-time property management team played a significant role in both of these companies committing their future to Embassy Row. The park has quickly emerged as a hub for top professional talent, and is well-positioned for future growth and success.”
On Oct. 11, 2019, Bridge hosted its annual “We Got Your Back” event at Embassy Row as part of a national campaign with the Danna Foundation. Volunteers filled 900 backpacks with necessities such as water bottles, toothbrushes, socks and more to support Atlanta’s homeless population through the Covenant House.
“Embassy Row represents a textbook case of Bridge’s proven strategy for reimagining office environments into next-generation workplaces where people are proud to come every day,” said Jeff Shaw, CEO for Bridge Commercial Real Estate. “Market demand remains strong for top-tier office space that offers proximity to mass transit, walkable retail and dining, and a sense of community. All of those factors will make Embassy Row a superior place to do business for the foreseeable future.”
Considered a fast-rising player in the U.S. commercial office market, Bridge has been increasingly active in the market this year 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 modern, amenitized environment employers desire to attract and retain top talent, with renovations set to deliver in 2020.
In addition to Embassy Row and the Dupree Building, Bridge’s Atlanta portfolio includes 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 Embassy Row.