Newmark announced its selection as exclusive leasing representative for a 900,000-square-foot portfolio of office and flex space in the greater Atlanta area. Property owner SVN Equities, a private real estate investment and development company based in Irvine, Calif., has retained Newmark to market 14 of its properties in two Norcross, Ga. business parks.
The Newmark team is responsible for 200,000 square feet of flex office space in Gwinnett Park at 4405 International Boulevard, and nearly 706,000 square feet of flex offices in Oakbrook North Business Park. Occupancy in Gwinnett Park is currently 65 percent, while the company’s space in Oakbrook is 70 percent occupied.
SVN Equities plans to upgrade entryways and common areas at buildings in both locations to increase the project’s appeal to new and existing tenants. The portfolio offers a generous parking ratio of 6.5 vehicle slots per 1000 square feet of rentable space.
Spearheading the leasing effort are Marty Pinover, a senior managing director, and Aaron Sommer, managing director. Both leasing professionals work at Newmark’s Atlanta office.
The assignment stems in part from Pinover’s and Sommer’s work on behalf of another client to restructure a lease in Gwinnett Park. The restructuring effort caught the attention of SVN Equities, and the company ultimately entrusted the Newmark team to take over the portfolio’s leasing.
“Absorption of space in the Northeast Atlanta submarket has been positive, and the third quarter’s increase in occupancy was the strongest of the year so far,” Pinover says. “The submarket should finish 2011 with its first positive year-over-year performance since 2008.”
Within a few days of receiving the assignment, the Newmark team already signed on its first new tenant for the portfolio. Steak Out, a restaurant franchise, has leased 3,663 square feet at 5300 Oakbrook Parkway.
Newmark is one of the largest real estate service firms in the world. Headquartered in New York, Newmark and London-based partner Knight Frank together operate from more than 240 offices in established and emerging property markets on five continents. With a combined staff of more than 7,000 and revenues last year exceeding $993 million, this major force in real estate is meeting the local and global needs of tenants, owners, investors and developers worldwide. For further information, visit www.newmarkkf.com.
Newmark is a part of BGC Partners, Inc. (NASDAQ:BGCP), a leading global brokerage company primarily servicing the wholesale financial markets. For further information, visit www.bgcpartners.com.