SANDY SPRINGS, GA-Atlanta-based Wells Real Estate Investment Trust II will become the majority partner in a joint venture that is developing the $100-million, 354,963-sf Three Glenlake project. The project, which broke ground in January, is an Atlanta-based joint venture between Greenstone Properties, Granite Properties and Pope & Land.
The 14-story property, on Glenlake Parkway near Abernathy Road and Georgia 400, is slated to become the future headquarters of Newell Rubbermaid, which will be the sole tenant in the building. The agreement with Wells REIT and the other partners will close upon the property's completion in 2008.
Randy Evans, of New York City-based Eastdil Secured, represented the Greenstone, Granite and Pope & Land venture in the transaction. Wells senior vice president, acquisitions Keith Willby represented Wells REIT.
Greenstone, Granite and Pope & Land also developed One Glenlake, selling that 353,000-sf property to Wells REIT in 2004. “Three Glenlake is a great fit for our strategy–a fully leased core asset in a fine location,” says Wells Real Estate Funds managing director Don Henry. “Given our past experience with Greenstone, Granite and Pope & Land, the joint venture was a natural fit.”
Construction on the project began in January. Upon completion, Newell Rubbermaid plans to consolidate three Atlanta area offices into one building. Architects for the project are Connecticut-based Pickard Chilton and Norcross-based Wakefield Beasley. The general contractor is Birmingham, AL-based Brasfield & Gorrie.
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