NewStar Asset Management Announces Major Lease at Three Ravinia in Atlanta, Georgia

Rhea-AI Summary

NewStar Asset Management, on behalf of Preferred Apartment Communities (APTS), has signed a 15-year lease with Hapag-Lloyd for 127,115 square feet at Three Ravinia in Atlanta, Georgia. This move comes as APTS nearly completes backfilling all but one of the seven floors vacated by State Farm in February 2021, making the property 94% leased. The lease reflects the growing demand in the SunBelt region and the Atlanta market, reaffirming the desirability of Three Ravinia.

Positive

• New 15-year lease signed with Hapag-Lloyd for 127,115 square feet.
• Property is now 94% leased after backfilling State Farm's vacated space.
• Demonstrates strong demand for office space in the Atlanta market.

Negative

• None.

ATLANTA, Dec. 21, 2021 /PRNewswire/ -- NewStar Asset Management ("NewStar"), on behalf of Preferred Apartment Communities, Inc. ("APTS"), announced today the execution of a new, 15-year lease with Hapag-Lloyd, an international shipping and container transportation company, for 127,115 square feet at Three Ravinia (the "Property") in Atlanta, Georgia. APTS has now backfilled all but one of seven floors vacated by State Farm in February 2021 as part of a planned regional headquarters consolidation. "Hapag-Lloyd's decision to relocate its Americas headquarters to Atlanta is yet another affirmation of the SunBelt region, the Atlanta market, and Three Ravinia. With this new customer the Property is again 94% leased, and we have accretively backfilled a 'known vacate' situation well ahead of schedule," said Carl Dickson, Chief Operating Officer for NewStar. 

NewStar is asset manager for the Property on behalf of the owner, APTS. Ellen Stern, Sam Holmes, Jon Springer and Andrew Kaplan with CBRE represented Hapag-Lloyd in this lease transaction and Kyle Kenyon with CBRE represented the landlord.

About NewStar: NewStar Asset Management is a real estate-focused alternative investment and asset management company based in Atlanta, Georgia. For more information visit www.newstar-am.com.

About APTS: Preferred Apartment Communities, Inc. (NYSE: APTS) is a real estate investment trust engaged primarily in the ownership and operation of Class A multifamily properties, with select investments in grocery anchored shopping centers. Preferred Apartment Communities' investment objective is to generate attractive, stable returns for stockholders by investing in income-producing properties and acquiring or originating real estate loans. As of September 30, 2021, the Company owned or was invested in 107 properties in 13 states, predominantly in the Southeast region of the United States. Learn more at www.pacapts.com.

View original content:https://www.prnewswire.com/news-releases/newstar-asset-management-announces-major-lease-at-three-ravinia-in-atlanta-georgia-301448678.html

SOURCE NewStar Asset Management

FAQ

What recent lease agreement was made by APTS in Atlanta?

APTS signed a new 15-year lease with Hapag-Lloyd for 127,115 square feet at Three Ravinia in Atlanta.

What is the current leasing status of Three Ravinia after the new lease?

After the new lease with Hapag-Lloyd, Three Ravinia is now 94% leased.

How many floors were vacated by State Farm at Three Ravinia?

State Farm vacated seven floors at Three Ravinia.

What impact does the new lease have on APTS's property portfolio?

The new lease with Hapag-Lloyd helps APTS nearly backfill all vacated space, reflecting strong market demand.