A $15 million capital renovation to a Central Perimeter office campus

Terraces is a twin-building office complex of more than 1 million square feet set in a park-like 25-acre site in the Central Perimeter submarket of Atlanta. At its debut in 1986, Terraces was immediately recognized for its progressive design and energy efficient features as one of the earliest winners of the ASHRAE Energy Awards. MetLife Investment Management engaged JLL to lead leasing efforts and assist with capital renovations that focused on walkability and amenity improvement to restore the campus’ reputation in sustainability. Over the last three years, nearly $15 million in capital has been invested to position this property for the future.

The two buildings, each 11 stories tall, are architecturally unique from the typical glass office tower. They feature lots of natural light and large, efficient floor plates, and ownership is pursuing Fitwel certification, recognizing the complex’s overall health and wellness efforts. 

The renovations were completed in two phases. Phase 1 was largely focused on upgrading the common areas of the building interior including the lobbies, finishes and restrooms. A two-story fitness facility, a pair of cafes and a conference center were also fully renovated, and a wine and beer lounge was introduced.

Phase 2 encompassed a number of exterior upgrades and renovations to enhance campus features that include a prominent lake with a footbridge. The plan added a new deck that cantilevers over the lake along with spacious outdoor seating. The amenity additions to the property exterior also included an outdoor putting green and improved pedestrian walkways to create a more appealing environment for tenants. The JLL on-site team secured a gigabyte of WiFi connectivity to allow tenants to seamlessly work outside. 

While the renovations and upgrades that have taken place at Terraces were conceived in a pre-COVID landscape, they naturally lend themselves to a post-COVID world. Tenants favor offices and campuses with greater flexibility, wellness initiatives and greenspace, and Terraces has reemerged as a highly desirable location for large, modern corporate users. Since the renovations have been underway, the leasing activity has seen positive growth, with an increase in new tenants. In 2019, JLL executed approximately 167,000 square feet of new leasing transactions at Terraces, and is in discussions with numerous prospects, several of which are looking to secure more than 100,000 square feet each.