2021 Best in Real Estate Award
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SPECIAL SECTION APRIL 16-22, 2021 Copyright © 2021 American City Business Journals - Not for commercial use BEST IN ATLANTA REAL ESTATE AWARDS SPONSORED BY Best in ABOUT THE SECTION Atlanta R e a l Estate Awards vFROM THE EDITOR CONTENTS Real estate, a backbone of the Atlanta economy, had a difficult Best overall 4B-5B 2020 but is poised for growth. R WINNER: Microsoft tlanta BusinessCopyright Chronicle © 2021sets aside American one edition City Business Journals - Not for commercial use every year to highlight the real estate deals and Office deal of the year 6B developments that boost the economy, add to A the skyline, connect neighborhoods and bring R WINNER: Mailchimp prestige to the city. As the decades come and go, R FINALIST: Deluxe Corp. Best in Atlanta Real Estate Awards mirrors the economic pulse. R FINALIST: Boston Consulting Group There are booms and downturns, the highs and lows of real estate cycles. But, 2020 was like nothing we have experienced. Design 8B Our last in-person event as a publication was Best in Atlanta Real Estate. That was last March just, just days before the first R WINNER: Norfolk Southern headquarters stay-at-home orders. As the head of Atlanta’s Commercial Board R FINALIST: Georgia Tech, Caddell Building of Realtors told us, “That was the last time I shook someone’s hand.” Now, with over 112 million people receiving at least one dose Suburban renaissance 10B of a vaccine, we can feel the hope of reconnecting. As we look back through the lens of real estate, we see an Atlanta economy R WINNER: Chamblee undermined by the pandemic — but one possibly ready to R FINALIST: Peachtree Corners blossom again later this year. R FINALIST: Jonesboro The seeds of that rebirth were planted by companies such as Microsoft Corp., our winner for the Best Overall Deal of the Year. It moved a new division into Midtown’s Atlantic Revitalization 12B-13B Station and anchored a new tower called Atlantic Yards. It then announced Atlanta was its new East Coast hub. It will make R WINNER: David T. Howard Middle School unparalleled investments on the city’s Westside that will bring R FINALIST: KIPP Woodson Park Academy new jobs — and complexities — to communities that often saw R FINALIST: Atlanta Dairies progress pass them by. "We are in a position to make a difference in Grove Park,” Microsoft President Brad Smith told Atlanta Business Chronicle Manufacturing 14B-15B about the neighborhood where its campus will be developed. “We are going to be creating virtually every kind of job we R WINNER: Zinus USA Inc. have at Microsoft,” he said. R FINALIST: Ken’s Foods MailChimp, our choice for the Office Deal Of The Year, will R FINALIST: Anheuser-Busch occupy a new tower on the Atlanta Beltline Eastside Trail. “This business is about to explode,” co-CEO Ben Chestnut told Atlanta Business Chronicle about a week after he informed Industrial 16B-17B employees the company is relocating to the $300 million dual- tower project. The new headquarters will be ready in 2022. R WINNER: Amazon Atlanta Business Chronicle recognized efforts to create R FINALIST: Home Depot Inc. more affordable housing, led by groups such as the Atlanta R FINALIST: Walmart Inc. Neighborhood Development Partnership. It launched a $438 million plan to produce thousands of affordable housing units, the largest effort yet for a metro nonprofit and one that 18B-19B highlights the affordability crisis many U.S. cities face. Residential In the industrial real estate sector, Amazon expanded by R Winner: Atlanta Neighborhood Development millions of square feet, positioning Atlanta as the country’s Partnership Inc. top development opportunity. In Midtown, Norfolk Southern R Finalist: Empire Communities set a new standard for the design of an urban campus. In R Finalist: Saint Joseph’s Health System Marietta, WellStar Kennestone opened a $126 million emergency department as its healthcare workers treated the influx Covid patients. The pandemic, U.S. demonstrations for racial justice and a Healthcare 20B-23B divisive national election add pressure on Atlanta business and R Winner: WellStar Kennestone Hospital civic leaders to unify the city. We honored the visionary spirit of R Finalist: Emory Healthcare one of those leaders, Arthur Blank, co-founder of Home Depot R and owner of the Atlanta Falcons and Atlanta United. (See story Finalist: Riddle Property Group on Page 14A.) His values in times of economic and social distress remained unshaken and his message was clear. “Being of service to those in front of us,” he said. — DOUGLAS SAMS, Senior Editor/ News, [email protected] 2B ATLANTA BUSINESS CHRONICLE APRIL 16-22, 2021 Copyright © 2021 American City Business Journals - Not for commercial use We shape the future of real estate for a better world BEST OVERALL vMICROSOFT Microsoft could employ over 10,000 in Atlanta as the tech giant turns the city into its East Coast v hub. WINNER The Basics: It could exceed the size of similar Microsoft Microsoft announced it centers in Boston, Charlotte and Fargo N.D., would occupy 523,511 square where it maintains workforces around 2,500. feet at Atlantic Yards, more It could rival northern California, its largest than double the space of its job center outside of its Redmond, Wash., original plan. It Copyrightwas Atlanta’s © 2021 headquarters.American City Business Journals - Not for commercial use largest office lease in 2020. With its Feb. 11 announcement, Microsoft Microsoft also bought much officially launched the most significant of the land for its 90-acre investment and expansion of any company in Westside campus from a Atlanta in recent memory, one that could ripple group led by former Braves through the local economy for years. and Georgia Tech baseball star Mark Teixeira. T. Dallas Smith Why it matters: “You’re going to see a number & Co. represents Microsoft of top-tier computer science, data science and in its Atlanta expansion. software development jobs,” Microsoft President CBRE’s Bryan Heller and Peter Brad Smith told Atlanta Business Chronicle McGuone brokered the sale of when it made the announcement. “We will also Quarry Yards to Microsoft. be putting more product development work in Atlanta. And, that is always great news for a local economy because those are high-paying jobs.” Foundation for growth: For decades Atlanta has been a leading voice on civil rights and home to a prestigious collection of Historically Black Colleges and Universities. Georgia Tech, the HBCUs and other schools have provided Atlanta with a young, diverse tech workforce, 10,000 and the startup community has steadily grown. Microsoft could employ over 10,000 in Atlanta as the tech giant turns the city into its East 'Significant wins': “We are at a unique Coast hub. moment,” said Ryan Wilson, CEO and co-founder of The Gathering Spot, which is part of Atlanta’s startup scene. “When I moved back to Atlanta in 2015, this ecosystem was strong, but nowhere near where it is now. We will see over the next 2,500 year to 24 months some significant wins from It could exceed the size of companies that were born here.” similar Microsoft centers in Boston, Charlotte and Fargo N.D., where it maintains Stretching to the suburbs: Microsoft is nearly workforces around 2,500. finished constructing the space for its bolstered cloud computing division in Midtown’s Atlantic Station. It will build its campus in Grove Park on Atlanta’s Westside. It will also develop three data centers, two in Fulton County and another 523,511 in Douglas County. Fulton has offered property Microsoft announced it would tax incentives to support construction of its two occupy 523,511 square feet projects each initially valued at $420 million. at Atlantic Yards, more than double the space of its original plan ‘Collective fate’: “The growth on the Westside is a great thing but we have to be mindful of making sure folks who have been in these neighborhoods for a long time can participate in $420M that growth. This is not a Westside community Fulton has offered property issue. This is about our collective fate in Atlanta. tax incentives to support What sort of city do we want to have? How do construction of its two we make sure everyone who has been living projects each initially valued at in the city can grow along with the companies $420 million. coming to town?” said Ryan Wilson of The Gathering Spot. ‘Community approach’: Microsoft said it will commit about 25 acres of the new Grove Park campus to affordable housing, though the depth of that affordability could take months to Tech Trend: come into clearer focus. The plans complement Microsoft's expansion is the city of Atlanta’s goal to create or preserve substantial, but other recent 20,000 affordable homes by 2026. Microsoft announcements include executives have met with local officials and Google anchoring most of nonprofits to brainstorm a master plan for the a new Midtown office tower future Grove Park campus. Michael Ford, vice and Airbnb putting its East president of global real estate and security, Coast hub here. said the company is taking a community-first approach. 4B ATLANTA BUSINESS CHRONICLE APRIL 16-22, 2021 Best in Atlanta R e a l Estate Awards Copyright © 2021 American City Business Journals - Not for commercial use Convergence of strengths: “The ‘why now’ is the culmination of years of momentum,” Alex Gonzalez, chief innovation officer with the Metro Atlanta Chamber, told Atlanta Business Chronicle. “The unicorns being born, the innovation community being built over years, the diversity our university system creates but also attracts, the culture we have in Atlanta — we are seeing it all converge.” MICROSOFT APRIL 16-22, 2021 ATLANTA BUSINESS CHRONICLE 5B Best in OFFICE DEAL OF THE YEAR Atlanta R e a l Estate Awards vMAILCHIMP vWINNER The marketing company will move its headquarters into a new $300 million “That is dual-tower project along the city’s popular Atlanta Beltline Eastside Trail.