Tuesday, May 20, 2014

IHG Moving Out of Dunwoody?

Is one of Dunwoody's largest employers leaving for neighboring Sandy Springs?  IHG is discussing a new location for its new headquarters.

From BisNow:

IHG's New HQ is......still unknown, but it appears InterContinential Hotel Group has added another site for its potential HQ: Ackerman & Co's Abernathy 400 development. (Instead of a Bachelor-style rose ceremony, the winner will get a mint on their pillow.)
Sources tell us Ackerman—in a JV with HJ Russell and Cousins Properties—is in talks with IHG about anchoring a 520k SF office development at Abernathy Road/GA 400 site, a former MARTA park-and-ride. This comes months after we reported here that IHG was also eyeing two other sites in Central Perimeter to build a HQ, including Seven Oaks' Perimeter Summit. Sources say the conversation, which could see IHG vacate its long-time home at Ravinia, is early on and no LOI has been signed.

Central Perimeter Momentum

This morning at our Future of Central Perimeter event, Ackerman's Kris Miller trumpteted the 400 development, while staying non-committal about specific tenants (including IGH). Our event was at the Retreat at Perimeter Summit. Kris—second from left with DTZ's Chris White, City of Sandy Springs Councilman Gabriel Sterling, HJ Russell's Jerome Russell and Cousins Properties' Bill Hollett—says a new office building will soon make sense, assuming you can achieve that $30-plus/SF rents. “I think the year of building stuff and hoping they will come is gone,” he says. But prime space in Central Perimeter now—what's left—is reaching as much as $28/SF, which means it's not far off for a company to anchor fresh space.
Jerome predicts that by 2025, MARTA will have extended farther north along Ga 400, further urbanizing Central Perimeter. And Gabriel predicts Central Perimeter could actually surpass the City of Atlanta with the number of corporate HQs. (Good news for tailors and tie salesmen in the Central Perimeter.)
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