ALPHARETTA, Ga. — Alpharetta’s reputation as an office magnet increased recently when real estate investment management group Grover Corlew announced it has leased more than 45,000 square feet of space at the newly redeveloped Mansell Court complex.
The five-building, 188,478 square-foot office complex just west of Old Roswell Road was acquired in 2017 for $12.2 million.
Florida-based Grover Corlew has transformed the once traditional single-story office buildings into creative loft office spaces that feature new exterior façades, fresh landscaping, modern outdoor spaces, a central courtyard area, increased parking ratios and updated signage.
“Mansell was a diamond in the rough when we purchased it, located in a desirable suburb of North Fulton County, but we needed to upgrade the property to meet our management and aesthetic standards,” Grover Corlew Partner Anuj Grover said. “The newly inspired spaces and updated amenities appeal to modern businesses, which is why we are experiencing such strong leasing activity.”
The new tenants include:
• WayPoint Systems has leased13,877 square feet of space at 10 Mansell Court East, Suite 200. Founded in 1999, WayPoint Systems is one of the leading providers of building automation systems in the Southeast.
• Carel USA has leased10,270 square feet of space at 10 Mansell Court East, Suite 500. The company produces control technology and humidification systems for air conditioning and refrigeration.
• Paran Homes has leased 9,063 square feet of space at 20 Mansell Court, Suite 100. The company is a regional new construction homebuilder in Atlanta, Nashville and Raleigh, N.C.
• Travel Equity Partners has leased5,559 square feet of space at 70 Mansell Court East, Suite 100. The company acquires and owns corporate travel and retail leisure travel agencies.
• Urban Escape Games has renewed its lease at 20 Mansell Court, Suite 275 for 4,587 square feet. The firm is an escape game company that designs on-site team building events for businesses, school teams, group outings, parties and more.
• Resourcing Edge has leased 1,723 square feet of space at 30 Mansell Court, Suite 105. The company provides its clients long-term strategies to help control costs by managing payroll, human resources and employee benefits.
“Mansell Court’s quality renovations and prime location have attracted many new tenants, raising occupancy to 92 percent,” said Heather Lamb, lead office leasing broker for Mansell Court and first vice president of Atlanta commercial real estate firm CBRE. “We are seeing excellent leasing activity in North Fulton, with the area ranking number one or two in capturing Atlanta leasing transactions over the last seven years. An abundance of amenities, million-dollar infrastructure improvements, a robust population growth rate and a rich pool of highly educated talent will keep North Fulton’s momentum strong.”
Alpharetta Economic Development Manager Matthew Thomas said the announcement speaks to the city’s continued draw for corporate employers.
Aside from the strong local talent and quality of life, he said, Alpharetta features a corporate synergy not found in many markets, from Fortune 500 companies to young start-ups fostered through city-sponsored programs and incentives.
“We continue to work hard to cultivate that environment so that companies will want to have a presence in Alpharetta,” Thomas said.
In the wake of recent major Class A office developments, like The Edison and 8000 Avalon, Alpharetta remains a hot office market. More major office buildings are in the works, like 10000 Avalon, a 10-story high rise that will include 250,000 square feet of office space, and Parkway 400, with 200,000 square feet of office space.
Office buildings in the pipeline count as vacant, even though they may have tenants lined up.
Even with some of the newer developments yet to be leased, Alpharetta’s office vacancy rate has remained steady. Its 10-year average office vacancy rate is 13.2 percent. This year, the vacancy rate stands at 11.8 percent, just a shade higher than the Metro Atlanta Region’s average of 11.3 percent.