State Farm will lease space in both towers in phase two, along with the already leased tower in the first phase. That brings the insurance company's total leased space to approximately 1.6 million square feet at Park Center. The building may be right on time.

“With robust job growth of 70,000-plus new jobs per year and limited spec office construction, Atlanta's office demand will continue to outpace supply,” Bill Weghorst, executive vice president and managing director of the Southeast division of PM Realty Group, tells GlobeSt.com. “This will lead to continued absorption of office space which will keep pushing rental rates. While we forecast rental rate growth to slightly taper off from what we have seen over the past 24 months, Atlanta's office rates will continue to grow faster than the 1.4% annual growth rate we saw on average over the past 20 years.”

The second phase of Park Center is designed with the theme of connectivity. A pedestrian bridge will be constructed over Perimeter Center Parkway that will connect the phase two towers to the phase one tower and the Dunwoody MARTA station. Park Center will also link to a multi-use trail, a new pedestrian plaza, a road connecting Perimeter Center Parkway to Peachtree-Dunwoody Road and street-level retail. Meanwhile, Atlanta's office market keeps breaking records.

A direct connection from the building lobby to the MARTA station, two pocket parks, public art, and an underground vehicular and pedestrian tunnel are among other planned amenities. At full build-out, Park Center is planned to include up to 2.2 million square feet of office space and 100,000 square feet of retail, restaurants and entertainment.

Cooper Carry & Associates is the shell building and interiors architect. Holder Construction is the general contractor. KDC is targeting LEED Gold certification for Park Center.

ATLANTA—As the office market tightens in Atlanta, KDC is moving forward with its Central Perimeter project. The commercial real estate firm has demolished the Hammond Exchange building to pave the way for construction on the second phase of Park Center.

In May 2014, KDC broke ground on Park Center, a 17-acre master-planned, transit-oriented development in the Perimeter Center of Dunwoody, GA. The first office tower is a 13-story building situated on a seven-level parking structure with ground floor retail. The class A building is located on four acres at Hammond Drive and Perimeter Center Parkway, next to the Dunwoody MARTA station.

State Farm employees began moving into the new building in the fourth quarter of 2016. State Farm occupied a portion of the 10-story Hammond Exchange building until the opening of the first office tower at Park Center. The second phase of Park Center includes two office towers, totaling 1.2 million square feet. (A trophy office asset in Atlanta recently won a $115.5 million refi.)

Alex Chambers, KDC regional vice president, is sure the project “will have on the Central Perimeter market.” A 22-story tower will be developed first and is slated for completion by the end of 2019, followed by a 19-story tower with expected completion in 2020.

State Farm will lease space in both towers in phase two, along with the already leased tower in the first phase. That brings the insurance company's total leased space to approximately 1.6 million square feet at Park Center. The building may be right on time.

“With robust job growth of 70,000-plus new jobs per year and limited spec office construction, Atlanta's office demand will continue to outpace supply,” Bill Weghorst, executive vice president and managing director of the Southeast division of PM Realty Group, tells GlobeSt.com. “This will lead to continued absorption of office space which will keep pushing rental rates. While we forecast rental rate growth to slightly taper off from what we have seen over the past 24 months, Atlanta's office rates will continue to grow faster than the 1.4% annual growth rate we saw on average over the past 20 years.”

The second phase of Park Center is designed with the theme of connectivity. A pedestrian bridge will be constructed over Perimeter Center Parkway that will connect the phase two towers to the phase one tower and the Dunwoody MARTA station. Park Center will also link to a multi-use trail, a new pedestrian plaza, a road connecting Perimeter Center Parkway to Peachtree-Dunwoody Road and street-level retail. Meanwhile, Atlanta's office market keeps breaking records.

A direct connection from the building lobby to the MARTA station, two pocket parks, public art, and an underground vehicular and pedestrian tunnel are among other planned amenities. At full build-out, Park Center is planned to include up to 2.2 million square feet of office space and 100,000 square feet of retail, restaurants and entertainment.

Cooper Carry & Associates is the shell building and interiors architect. Holder Construction is the general contractor. KDC is targeting LEED Gold certification for Park Center.