The specialist for US commercial real estate TSO has secured the office complex “The Towers at Wildwood Plaza” in Atlanta in the US state of Georgia for its current investment TSO RE Opportunity II. The architect also designed a world-renowned building in Europe.
It is meanwhile the fifth object of the investment, which is currently in the placement phase, informs TSO. The Towers at Wildwood Plaza (Towers for short) consists of two office towers designed by star architect IM Pei, known for his Louvre pyramid in Paris. The towers form the heart of the prestigious Wildwood Office Park, which was developed in a partnership between Cousins Properties and IBM. In the past, the property has been able to attract numerous well-known tenants, such as AllState, Coca-Cola, GE, Hyundai, IBM, PWC and Tenet Healthcare.
In addition to a conference and event center, a fitness center and more than 2,000 parking spaces, the towers also have a restaurant and spacious common areas. The property occupies a prime location adjacent to several very popular residential areas and is conveniently located near a recreation and entertainment district, according to TSO.
Extensive renovations planned
For investors, the towers offer significant growth potential in addition to stable cash flow, according to the statement. TSO envisages extensive conversion measures to increase the value of the property and wants to optimally position the property for future rentals. “Our goal is to tap the special potential of this extraordinary property in our home market of Atlanta. We would like to increase the occupancy rate and invest in equipment that makes working there even more pleasant,” says Christian Kunz, Head of Sales and Marketing at TSO Capital Advisors GmbH. “We intend to redesign the property in an attractive way to meet the needs of modern tenants and their employees. The twin towers, which are visible from afar and are well-known, are the perfect business address, especially for well-known large tenants.”
As the capital of the state of Georgia, Atlanta is the leading economic metropolis and the most important business center in the southeastern United States. According to TSO, it is one of the five largest office property owners in the city.
“The purchase price is well below the restoration costs of the building. With extensive conversion measures, we will increase the value of the property in the long term. We were also able to secure optimal funding here because our partner believes in the project and our approach as much as we do,” said A. Boyd Simpson, Founder and President of TSO. The headquarters of the real estate specialist, which is represented in Germany in Frankfurt am Main and Düsseldorf, is only a few miles away from the Towers. Due to its proximity to the property and its presence on the local market, TSO can serve the local needs of tenants particularly well.
Economic power doubled in twelve years
According to the TSO, the metropolitan area of Atlanta with its approximately six million inhabitants is one of the areas with the strongest population growth in the USA. Thanks to this growth and a business-friendly climate, local economic power more than doubled between 2009 and 2021. “The low cost of doing business and living, excellent infrastructure and a highly skilled workforce support our expectation that the region’s economic boom will continue and the quality of life will continue to improve,” predicts Simpson.
In front of the Towers in Atlanta there is already an office campus in South Carolina and lots for three Self-Storages in Florida and South Carolina have been added to the TSO RE Opportunity II portfolio. Further acquisitions with a focus on high-demand premium class self-storage centers are currently being prepared, according to the announcement.
The minimum equity investment for the TSO RE Opportunity II is $250,000. With the targeted placement volume of 75 million US dollars, TSO intends to use a diversified portfolio to take advantage of the current opportunities on the commercial real estate market in the south-east of the USA.