In Dec. 2015, North American Properties and Lionstone Investments acquired Colony Square, the first mixed-use project developed in Atlanta in 1968.

ATLANTA—North American Properties and Lionstone Investments snapped up Colony Square, the first mixed-use project developed in Atlanta in 1968, a year ago. Colony Square, with its two office towers spanning 720,000 square feet, residential, hotel and retail components, is undergoing a metamorphosis under new leadership.

GlobeSt.com caught up with NAP head Mark Toro to find out how current tenants are responding to changes in part two of this exclusive interview. You can still read part one: NAP Unveils Big Vision for Downtown Atlanta.

GlobeSt.com: How did current office tenants react to redevelopment plans?

Toro: Existing and prospective office tenants are thrilled with the plans to redevelop Colony Square. Today's office tenants are looking for offices with energy and activity to motivate and inspire employees, as well as recruit and retain top talent. Before construction has even begun, our team has already brought that highly sought after street level energy to Colony Square.

We've already begun incubating a few design and placemaking concepts at Colony Square. Our team installed giant Midtown letters, anchoring the corner of Peachtree and 15th Streets.

The community has embraced the new icon, sharing photos with the letters using the hashtag #IAmMidtown. We've also activated the space facing Peachtree Street near the Midtown letters with a pop-up park, including soft seating, synthetic turf and art murals. Soon, a pop-up chef-driven sushi concept will open to further enhance the experience.

NAP is also forging new relationships with the nearby rich art and cultural scene, creating activations such as a pop up ticket booth for Woodruff Arts Center, vibrant wall murals by local artists and community-driven events such as yoga in the park and food truck Wednesdays.

We've also added a world-class concierge, enhanced security, transit screens that track traffic reports, ride sharing and MARTA trip times, a Mobility Concierge who helps enhance the commuter experience, and coming soon, a bike valet. As we continue to activate and program the “software,” we will continue to attract companies that value experiences, street level energy and walkable, transit-oriented places that improve people's lives. Cushman & Wakefield, our office leasing team, reports rents have increased by 20% because of the value already added at Colony Square.

GlobeSt.com: How does the modernization impact the office leasing strategy?

Toro: Midtown's connectivity and young, educated population makes it an extremely attractive market for companies looking to retain top talent. Recently we leased three floors in the 100 Colony Square office building to WeWork, which could bring up to 1,000 workers to Colony Square in 2017.

WeWork's mission is closely aligned to the street level energy and experiences happening daily at Colony Square. Our strategy is to continue to seek “citizens of Midtown” tenants. These tenants are companies who appreciate Midtown culture and have a company culture that aligns with Colony Square's offerings. They understand the value in opening at Colony Square, where there are new activations, events and “surprise and delights” around every corner.

For example, Play Me Again Pianos just installed an artful piano open for the public's use. Picture this—you and your coworkers are eating lunch outside near the giant, colorful MIDTOWN letters.

Maybe you just picked up chef-curated sushi to-go from Steve Palmer's soon-to-open concept, Sukoshi. Then, you all hear beautiful piano music coming from someone you might not have noticed. And, he and his music are surrounded by stunning art murals painted by Atlanta artists. That is the kind of experience we offer at Colony Square.

GlobeSt.com: What's next for Colony Square?

Toro: In 2017, we will break ground on the major redevelopment project to turn Colony Square's retail center inside out. The world-class design team has designed a highly connected, open-air square that will dissolve the seemingly impenetrable walls and create a connected, modern shopping, dining and community gathering experience.

Along with transforming the retail experience, the modernization will also upgrade the office towers to offer best-in-class amenities. The first phase of the reimagined Colony Square is set to open in July 2018. We invite the public to follow along with our progress on social media, using the hashtag #reimagineCS.

In Dec. 2015, North American Properties and Lionstone Investments acquired Colony Square, the first mixed-use project developed in Atlanta in 1968.

ATLANTA—North American Properties and Lionstone Investments snapped up Colony Square, the first mixed-use project developed in Atlanta in 1968, a year ago. Colony Square, with its two office towers spanning 720,000 square feet, residential, hotel and retail components, is undergoing a metamorphosis under new leadership.

GlobeSt.com caught up with NAP head Mark Toro to find out how current tenants are responding to changes in part two of this exclusive interview. You can still read part one: NAP Unveils Big Vision for Downtown Atlanta.

GlobeSt.com: How did current office tenants react to redevelopment plans?

Toro: Existing and prospective office tenants are thrilled with the plans to redevelop Colony Square. Today's office tenants are looking for offices with energy and activity to motivate and inspire employees, as well as recruit and retain top talent. Before construction has even begun, our team has already brought that highly sought after street level energy to Colony Square.

We've already begun incubating a few design and placemaking concepts at Colony Square. Our team installed giant Midtown letters, anchoring the corner of Peachtree and 15th Streets.

The community has embraced the new icon, sharing photos with the letters using the hashtag #IAmMidtown. We've also activated the space facing Peachtree Street near the Midtown letters with a pop-up park, including soft seating, synthetic turf and art murals. Soon, a pop-up chef-driven sushi concept will open to further enhance the experience.

NAP is also forging new relationships with the nearby rich art and cultural scene, creating activations such as a pop up ticket booth for Woodruff Arts Center, vibrant wall murals by local artists and community-driven events such as yoga in the park and food truck Wednesdays.

We've also added a world-class concierge, enhanced security, transit screens that track traffic reports, ride sharing and MARTA trip times, a Mobility Concierge who helps enhance the commuter experience, and coming soon, a bike valet. As we continue to activate and program the “software,” we will continue to attract companies that value experiences, street level energy and walkable, transit-oriented places that improve people's lives. Cushman & Wakefield, our office leasing team, reports rents have increased by 20% because of the value already added at Colony Square.

GlobeSt.com: How does the modernization impact the office leasing strategy?

Toro: Midtown's connectivity and young, educated population makes it an extremely attractive market for companies looking to retain top talent. Recently we leased three floors in the 100 Colony Square office building to WeWork, which could bring up to 1,000 workers to Colony Square in 2017.

WeWork's mission is closely aligned to the street level energy and experiences happening daily at Colony Square. Our strategy is to continue to seek “citizens of Midtown” tenants. These tenants are companies who appreciate Midtown culture and have a company culture that aligns with Colony Square's offerings. They understand the value in opening at Colony Square, where there are new activations, events and “surprise and delights” around every corner.

For example, Play Me Again Pianos just installed an artful piano open for the public's use. Picture this—you and your coworkers are eating lunch outside near the giant, colorful MIDTOWN letters.

Maybe you just picked up chef-curated sushi to-go from Steve Palmer's soon-to-open concept, Sukoshi. Then, you all hear beautiful piano music coming from someone you might not have noticed. And, he and his music are surrounded by stunning art murals painted by Atlanta artists. That is the kind of experience we offer at Colony Square.

GlobeSt.com: What's next for Colony Square?

Toro: In 2017, we will break ground on the major redevelopment project to turn Colony Square's retail center inside out. The world-class design team has designed a highly connected, open-air square that will dissolve the seemingly impenetrable walls and create a connected, modern shopping, dining and community gathering experience.

Along with transforming the retail experience, the modernization will also upgrade the office towers to offer best-in-class amenities. The first phase of the reimagined Colony Square is set to open in July 2018. We invite the public to follow along with our progress on social media, using the hashtag #reimagineCS.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM Digital Member, you’ll receive:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.