Dealmaker: Nuveen Real Estate Finances Atlanta-Area Office Park

Nuveen Real Estate, Chicago, supplied a $114 million loan facility to refinance Pennant Park, a six-building office park in Atlanta’s Northwest submarket. 

Real estate investment adviser Rubenstein Partners LP, New York, refinanced the property completing its business plan for the property, which involved $17 million of improvements aimed at transforming the property into a walkable Class A urban office environment with immediate access to Atlanta Braves’ home stadium Truist Park. Rubenstein Partners acquired the office park in 2016.

“After acquiring the property, we formulated a strategy to unlock value by improving the tenant experience on campus and enhancing connections to the increasing array of amenities surrounding the park,” said Rubenstein Vice President Tim Skender.

Rubenstein worked with the Cushman & Wakefield Equity, Debt and Structured finance team of Vice-Chair Mike Ryan, Executive Director Brian Linnihan and Senior Directors Richard Henry and Blake Cohen to secure the financing.

The 760,000-square-foot development occupies the intersection of I-75 and I-285. Pennant Park has seen more than 550,000 square feet of leasing since acquisition in April 2016 including renewals. Current occupants include Thyssenkrupp Elevator Americas, ARCO Design Build and Artera Services. “We believe that the Atlanta market has remained fundamentally strong through the pandemic, and this refinancing supports our continued leasing efforts through what we anticipate will be a rapid recovery,” said Taylor Smith, Senior Vice President and Regional Director of Southeast for Rubenstein. He said the area should liven up quickly as the Atlanta Braves start playing baseball again.