Project: 3003 & 2002 Summit Boulevard
Location: Central Perimeter Atlanta Submarket
In 1998, then still with Hines, the Voyles/Holmes team coordinated the master planning, conceptualization, construction and lease up of 3003 Summit, a 400,000-square-foot Class A office building. Developed 100 percent spec and financed by GE Asset Management (GEAM), 3003 opened 80+ percent leased, delivering on time and on budget. Two years later, the same team developed 2002 Summit, an twin sister building which also achieved its overall market pro forma objectives. In each case, Hines achieved an above pro forma buy-out of its interest by GEAM.
In 2009, Voyles and Holmes, now principals at Seven Oaks, were asked by GEAM to return to Perimeter Summit. They assumed the active management of the 83-acre park, including 2002 and 3003 Summit. At that time, Perimeter Summit faced significant leasing and operational challenges, including several major tenant rollovers (including the lead 150,000-square-foot tenant in one building) and above market operating expenses. Seven Oaks reduced operating expenses by a total of $900,000 per year ($0.65/square foot), and negotiated a new 15-year lease for the entire 390,000-square-foot 3003 Summit with Cox’s AutoTrader.com. Seven Oaks then assisted GEAM in renegotiating the underlying debt on 3003 and 1001 Summit. Additionally, the large tenant lease allowed Seven Oaks to reposition eleven other tenants in 3003 into other buildings in Perimeter Summit and elsewhere in other Seven Oaks/GEAM managed assets.
Since taking over the assignment in 2009, Seven Oaks has completed over 1.5 million square feet of new and lease renewal transactions, thus bringing the entire park to an occupancy level in excess of 95 percent with the highest average rents outside of Buckhead and Midtown.
- Operating Expense Savings: $0.65/square foot in first year (7 percent) through energy-saving programs and operational efficiencies.
- Gold and Silver LEED Certification: Completed on 3003 and 2002 Summit without outside LEED consultants.
- Aggressive Leasing Strategy: Negotiated 15-year lease deal with national known credit tenant for entire 390,000-square-foot 3003 Summit
- Investor Asset Value Protection: New leasing and moving existing tenants to other GEAM buildings stabilized overall park.
Jerry Karr, former VP & Senior Managing Director, Eastern U.S., Real Estate, GE Asset Management
“GEAM knows the Seven Oaks team well. Having worked with Bob Voyles and Randy Holmes since 1997, we remain fully confident in their abilities as providers of strategic real estate services for GEAM. The work their team has accomplished at Perimeter Summit is nothing short of remarkable, given the overall challenges in the U.S. economy, in general and the Atlanta economy in particular.”