Dealmaker: JLL Arranges $422M for Atlanta Piedmont Center

JLL, Chicago, arranged $421.8 million for Piedmont Center, a 14-building, 2.2 million-square-foot Class A Atlanta office complex.

JLL represented borrower The Ardent Cos., Atlanta. Proceeds from the floating-rate loan refinanced Ardent’s existing holdings within Piedmont Center and allowed the company to acquire four additional buildings within the office complex.

Piedmont Center occupies 45.5 acres in the affluent Buckhead submarket four miles north of Midtown Atlanta. The property is served by Lenox, Peachtree and Roswell Roads as well as a MARTA public transit station.

Built in various stages between 1977 and 1998, Piedmont Center recently underwent renovations to its exterior and amenity areas. The tenant roster includes healthcare, technology and professional services firms.

JLL Senior Managing Director Ed Coco and Senior Director Matt Casey led the debt placement team. Additionally, a JLL brokerage team led by Executive Vice President Jeff Taylor and Senior Vice President David Horne won the assignment to lease the new acquisitions, buildings five through eight.

“Through its consolidation of ownership within Piedmont Center, Ardent has created a huge opportunity to reinvent the office campus into a more dynamic workplace setting with greater mixed-use amenities and an environment desired in today’s market,” Coco said.

The JLL Second Quarter Office Outlook reported the U.S. office market is stabilizing. Overall transaction volume rose nearly 30 percent compared to a year ago as tenants started executing long-awaited deals. The report noted office leasing has recovered to pre-pandemic levels in some growth markets such as Atlanta.