Project: Perimeter Summit
Location: Central Perimeter Atlanta Submarket
Perimeter Summit 1001, 2002, 3003, 4004 – Atlanta, GA
- 83-acre office park
- 1.6M SF Class A Office
In 1997, a Hines development team led by Bob Voyles and Randy Holmes assumed management of the struggling 83-acre Perimeter Summit project, originally purchased by General Electric Asset Management (GEAM) in 1988 with another developer/sponsor. The property had not seen any active development in over five years.
The Voyles/Holmes team transformed the struggling project into a mixed-use new urbanist development and one of the favored addresses in the Perimeter market. Holmes and Voyles first updated the master plan for the park to include multifamily and condominium parcels, creating a true “Live, Work, Play” environment. Second, they developed two 400,000-square-foot headquarter office buildings for HomeBanc and Northern Trust, each of which set Atlanta market records for price per square foot for buildings along the Perimeter upon sale of the developer’s equity interest in 2003 and 2006. The Atlanta Regional Business Coalition and Atlanta Regional Commission awarded the project the “Development of Excellence” in 2001, while the Atlanta Business Chronicle named it the “2001 Mixed-Use Deal of the Year.”
Following a five-year hiatus after their departure from Hines in 2004, Voyles and Holmes returned in 2009 and have led the master planning, entitlements and the securing of governmental development of Perimeter Summit to add a Hyatt Regency Hotel, a new 360,000-square-foot office tower, and a future luxury mid-rise apartment community.
- 83-Acre Suburban Core Office Park – struggled for six years due to the market conditions and “land sales” vs. comprehensive development strategy.
- Repositioned development twice – initially removed restrictive encumbrances with private landowners, maximized value of the land through rezoning a portion of the office land to residential and achieved a 30 percent higher sales price than an office equivalent. Most recently, exchanged extra office density for luxury multifamily.
- Developed two 400,000-square-foot Class A office buildings (3003 and 2002 Summit) that remain “Best in Class” in Perimeter submarket.
- Introduced first 21st century “Live, Work, Play” mixed-use park in the Perimeter area.
- Developed a 175-key Hyatt Regency Hotel, the first new full-service hotel delivered in the Perimeter submarket in over 26 years, with Strategic Partner Legacy Property Group.
- Developing a 350-unit luxury midrise residential project with Strategic Partner Worthing Companies.
- Developing first 100 percent spec office building in Perimeter in 15 years.
Jerry Karr, Former VP & Senior Managing Director, Eastern U.S., Real Estate, GE Asset Management:
“I have known Bob and Randy for nearly fifteen years and have worked with them extensively, particularly on the Perimeter Summit development and in North Atlanta in the Perimeter submarket of Atlanta. Throughout the course of my relationship with Bob during his tenure at Hines, he displayed the highest level of political skills. Bob also has a keen eye for design, but understands the economic reality of the marketplace. In addition, Randy Holmes was the consummate team leader on this engagement and has a particular skill in tackling large complex multi-faceted projects.”