Invesco completes Atlanta office investment

Invesco, a global independent investment management firm, announced that Invesco Real Estate has acquired Edison Windward, a newly built office project in the desirable Atlanta real estate submarket of Alpharetta for an undisclosed sum on behalf of one of its separate account clients. "Amidst uncertain economic times and a global pandemic, Invesco Real Estate continues to believe in the resilience of high-quality real estate leased long term to strong tenants that will provide attractive income returns,” said Managing Director of Transactions for Invesco Real Estate Greg Kraus. “While we have had to temporarily establish a more flexible and fluid approach to our transaction process, we were nonetheless able to transact in these unusual times given our conviction in the asset, the market and its position in the marketplace." Edison Windward is a two-story tilt wall constructed building, meaning the walls are precast concrete that were tilted up. This design provides tenants with flexible, efficient floor plates because of the side core design and column-free layout. In addition, the design features industrial size windows, a central clubhouse with amenities, and above market parking ratios. Edison Windward is located in Alpharetta, a northern suburb of Atlanta, which is home to over 700 technology companies. Avalon, a popular mixed-use development containing 400,000 square foot of retail and 800 square foot of residential units, is also located in Alpharetta. The location on Windward Parkway offers easy access to state highway 400, neighborhood amenities and executive housing. “The project's innovative design positions Edison Windward well with competing properties in Alpharetta to appeal to our tenant's desire to attract and retain talent. In addition, very few sites have the acreage required to replicate its parking and common area amenities in the future," said Britton Wells, director of transactions at Invesco Real Estate. The unnamed seller constructed Edison Windward as speculative offices in two phases, with both phases leased-up prior to completion. The asset is currently 66% occupied by E*Trade and 3M; it will be 97% occupied after Owens & Minor completes its build-out and takes occupancy. "The Edison Windward is the first of its kind, setting a new standard for creative office development in suburban Atlanta” explains Tom Shafer, vice chairman with CBRE Atlanta’s Capital Markets Investment Properties Group. “The Edison Windward saw the fastest spec lease-up in Alpharetta's history, achieving 97 percent occupancy during construction." Invesco Real Estate reports $84.7 billion in real estate assets under management, 550 employees and 21 regional offices across the U.S., Europe and Asia (as of December 31, 2019). The firm has been actively investing in core, value-add and opportunistic real estate strategies since 1992 and is a subsidiary of Invesco, which manage $1.1 trillion in client assets worldwide.

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