Real Estate Notes

Atlanta Business Chronicle
Published On: 11.04.05

Kim King Associates Inc. and Seven Oaks Company LLC are forming a joint venture to develop two office towers, including a possible 30-story tower, on 7.15 acres just north of the Centergy One building at Technology Square in Midtown.

The joint venture, Centergy North LLC, expects to finish the master plan for the site in November. Plans will include street-level retail space intended to bring the vibrancy of Technology Square further north along Spring Street.

Bob Voyles, president of Seven Oaks, said Centergy North will begin to market two towers with up to 1.2 million square feet of office space as soon as the master plan is complete.

One tower will sit beside the Downtown Connector and should rise 25 to 30 stories with signage visible for miles. The other may be smaller and positioned closer to Spring Street.

Centergy One, a 500,000-square-foot class A property, has a letter of intent in hand that would fill the remaining 6.5 percent vacancy.

The joint venture signals a victory for Beau King, president of Kim King Associates. In early 2004, Beau’s father promised to build Centergy Two before the end of that year. Kim King died in October, delaying or ending several key deals that were crucial to the project.

Now that King and Voyles have closed on the property and brought to the table an undisclosed financial partner, the only obstacle to building out Centergy is landing a lead tenant.