Transwestern Preleases 94% of Metro Atlanta’s Brookhaven Medical Center II
Monday, August 26th, 2019
Transwestern Commercial Services announces its Atlanta Healthcare Advisory Services team secured four long-term leases totaling 49,000 square feet at Brookhaven Medical Center II, a 52,000-square-foot medical office development at 3929 Peachtree St. in Brookhaven, Georgia. TCS Senior Managing Director Steve Hall, Senior Vice President John Lopez, and Analyst Bo Stuart negotiated the transactions on behalf of joint venture owners G.H. Anderson & Co. and The Gipson Co.
The following transactions bring the project to 94% preleased:
ENT Institute signed a 17,500-square-feet lease
A nonprofit medical group offering a variety of healthcare services signed a 17,500-square-foot lease
Georgia Dermatology signed an 8,000-square-foot lease
Eye Consultants of Atlanta signed a 6,000-square-foot lease
“With vacancy rates in Atlanta’s medical office market at a 20-year low, we anticipated that Brookhaven Medical Center II would meet incredibly high demand from a growing population seeking convenient access to healthcare providers,” said Hall. “Since winning the assignment in August 2018, we have been excited to partner with G.H. Anderson to swiftly bring the project to nearly fully leased one year before completion.”
Brookhaven Medical Office Center II is on track for delivery in second quarter 2020. The last available 3,000-square-foot space at Brookhaven Medical Center II is ideal for tenants such as a high-end cosmetic surgeon, sub-specialists, or a dental practice to complement the newly signed tenants and existing users at the neighboring property. The property is next to Brookhaven Medical Center, a 48,588-square-foot medical office building also constructed by G.H. Anderson & Co. and The Gipson Co. in 2016.
“We continue to have a successful partnership with The Gibson Co. and a great relationship with Transwestern,” said Bradley Kentor, G.H. Anderson & Co. Vice President of Commercial Real Estate. “We are pleased with the preleasing activity at Brookhaven Medical Center II with high quality tenants as we look forward to completing the project.”
According to research by TCS, Atlanta is experiencing its lowest medical office vacancy rate since 1999. In second quarter 2019, vacancy was at 8.1%, down from the previous quarter’s 8.3%. This has given rise to healthy rent growth and the attention of investors and developers eyeing the market.