Spear Street invests in capital improvements at Perimeter Summit in Atlanta’s Central Perimeter

Following its acquisition earlier this year, Spear Street Capital (Spear Street) is investing in significant capital improvements to the office component of the Perimeter Summit mixed-use development. The campus spans nearly 1.3 million square feet of Class-A office space and is located within the heart of Atlanta’s Central Perimeter. JLL Executive Managing Director Adam Viente, Senior Managing Director Brooke Dewey and Senior Associate Alexis Easterling are handling office leasing on behalf of Spear Street.

Perimeter Summit is located within Atlanta’s largest office submarket and includes three premier office buildings: Summit One, a 21-story, 520,000-square-foot tower; Summit Two, an 18-story, 415,000-square-foot tower; and Summit Four, a 16-story, 360,000-square-foot tower. The offices feature efficient and flexible floorplates, floor-to-ceiling windows, and highly visible, top-of-building signage opportunities. In the coming months, Spear Street will launch a series of capital improvements designed to engage with tenants and support employers’ recruitment efforts. The renovations will be completed by the end of the year.

Enhanced outdoor amenities such as walking trails, outdoor workspaces with high-speed WiFi, gardens and bocce ball courts are dispersed throughout the campus. These spaces are currently activated with weekly events for tenants, such as outdoor yoga, food trucks and markets with local artisans. Within the office buildings, Spear Street plans to modernize lobbies and enhance common areas. CBRE handles property management and tenant engagement for Perimeter Summit, using its online platform, Host Digital, to connect workplace spaces, services, amenities and building systems through an intuitive mobile interface. New York-based Fogarty Finger is leading the architecture and design for the renovations.

“As the nature of work continues to evolve, we are thrilled to provide tenants with a unique and engaging office opportunity in one of Atlanta’s core business districts,” said Laura Dunn, Managing Director at Spear Street. “Perimeter Summit’s existing amenities and strategic location combined with our planned improvements will create an exceptional workplace experience that today’s office users are looking for. With JLL onboard, we are confident that we will be successful in continuing to attract large-scale corporate users seeking a highly amenitized office environment.”

In addition to the office building cafes, an airstream trailer serving health-conscious coffee, smoothies and small bites will pop up next to Summit Four. Spear Street has engaged SRS Real Estate Partners to further enhance the food and beverage options at the campus. Existing retail at Perimeter Summit includes Savi Provisions, Villa Christina Restaurant, Summit Coffee Shop, an outpost of Sweetgreen, and more. The campus is also located within minutes of Perimeter Mall and nearby High Street mixed-use destination, offering seamless access to hundreds of shopping and dining options.

“We know that companies are increasingly drawn to energized and dynamic office destinations that offer a variety of amenities, incredible food and beverage options, and weekly programming designed to boost tenant engagement,” added Dewey. “In Atlanta, Central Perimeter continues to emerge as a competitive and attractive submarket for users that are looking for the office experience of the future. We are already generating strong interest from prospective tenants and look forward to bringing in users that complement Perimeter Summit’s existing tenant mix.”

Perimeter Summit is strategically located within the I-285 loop and offers prime connectivity to nearby MARTA stations and GA-400. Earlier this year, Zaxby’s relocated its corporate headquarters and 250 employees to 50,000-square-foot space at Perimeter Summit, doubling the size of its previous lease. Spear Street is under contract with a local multifamily developer to develop additional multifamily units onsite. The campus is also home to a four-star, four-diamond Hyatt Regency hotel, providing tenants with convenient business accommodations as well as conferencing facilities. Central Perimeter – home to Atlanta’s largest office submarket – has been, and continues to be, one of Atlanta’s fastest-growing regions. In the next five years, the submarket is poised for 8% job growth and 3% population growth – a testament to landlord’s continued confidence in making significant investments in this core submarket. Central Perimeter has more than 160,000 employees – 76% of which are in office-using jobs. According to JLL’s Q2 2023 Atlanta Office Insight report, new-to-market and existing tenants remain dedicated to Atlanta as they optimize their space needs. At 1.3 million square feet, new leasing activity in Q2 was higher than previous quarters, further demonstrating that there is demand for high-quality space like Perimeter Summit. JLL experts predict this momentum will continue throughout the year given Atlanta’s long-term appeal and reputation for attracting diverse industries.