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Hines/GE Start $75 Mil Spec Office Tower

ATLANTA-The Houston developer and its deep-pockets partner from Fairfield, CT receive the official blessings of DeKalb County officials as dirt turns on construction of the 18 story, 400,000-sf tower scheduled for completion at year end 2002.

By Alex Finkelstein | Updated on July 02, 2001

ATLANTA-Taking a calculated gamble that demand will be there when their 18-story, 400,000-sf office tower opens its doors in 18 months, Hines Interests Inc. of Houston and its deep-pockets partner General Electric Asset Management of Fairfield, CT have broken ground on the $75 million asset.

The site and name of the new building is 2002 Summit Boulevard being built near Interstate 285 and Ashford Dunwoody Road. The location is at Perimeter Summit, a mixed-used venture that will have 300 luxury apartments and an undetermined of retail to complement the office component. Lane Realty Advisors of Atlanta is developing the multifamily sector.

The developers are gambling their newest venture will duplicate the track record of their first 400,000-sf office tower at Perimeter Summit called the 3003 Summit Boulevard Building. The property is 94% leased after 18 months.

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