Banyan Street Capital Inks 109,963 Square Feet in Lease Transactions at Satellite Place

Thursday, November 16th, 2023

Banyan Street Capital (Banyan) today announced 21 office lease transactions totaling over 100,000 square feet of year-to-date activity at Satellite Place, an expansive, master-planned office park in Duluth, Georgia. Eight of the leases – or 46,527 square feet – are tied to the state’s booming electric vehicle (EV) industry, including a deal with Hyundai Glovis at 17,808 square feet. 
Hyundai Glovis’ new space at Satellite Place is an intermarket relocation, and the company will nearly double its existing square footage. The space will serve as the office component for the South Korean automobile manufacturer's new industrial facility near Savannah. Hyundai Glovis plans to move employees to Satellite Place in May 2024. The influx of EV-related companies and jobs at Satellite Place exemplify the halo effect of Governor Kemp’s goal to make Georgia the electric vehicle capital of the nation. 

“Satellite Place has emerged as the preferred office location for EV manufacturers and their suppliers and partners to be central to both the manufacturing facilities and the vital workforce that supports them from the offices in Gwinnett,” said Zac Gruber, president of the office division at Banyan. “The property is on pace to fully stabilize this year with a diverse roster of national and international tenants, and it will continue to benefit from the economic development happening throughout Georgia.”

According to JLL Research, Satellite Place has captured nearly 40% of Gwinnett County’s year-to-date new leasing activity. JLL Managing Director Jeff Taylor and Executive Vice President Glenn Aspinwall handle office leasing efforts on behalf of Banyan. 

Of the 21 transactions, 13 are new leases or expansions totaling 89,926 square feet and six are renewals totaling 20,037 square feet.

Additionally, Banyan has partnered with Greystar on the construction of a 328-unit, best-in-class multifamily community at Satellite Place to be known as Elan Satellite Place. The project represents one of the last multifamily starts in the region this cycle and is expected to deliver in early 2025. The onsite, luxury residential property has proven to be an additional advantage for the office component, as employers are excited about the prospects of structured parking and shared amenity spaces, as well as walkability of the apartments for new to market employees. 

“We are excited to once again partner with Greystar on our latest project, Elan Satellite Place.  This is another example of Banyan’s creative approach to development, overcoming numerous hurdles to turn a sea of surface parking into a premier apartment project that adds value to our offices, the Satellite Place neighborhood, and Gwinnett County more broadly,” said Taylor White, President of Banyan Street Companies.

Located in the heart of Atlanta’s Northeast submarket, Satellite Place features 820,000 square feet of six-story Class-A office space. Conveniently located just off Satellite Boulevard, the campus has unparalleled connectivity to I-85, SR-316 and SR-120, as well as back door access to the Sugarloaf area. Satellite Place is ideally situated in a high-growth suburban market that is seeing mixed-use density, enhanced walkability, great schools, and single-family neighborhoods as well as a major redevelopment planned for the nearby Gwinnett Place Mall.

The office community boasts newly renovated lobbies, common areas, restrooms, and fitness centers, as well as onsite EV charging stations. Additional amenities include conference facilities, outdoor gaming, dining, and meeting spaces, structured parking, unique artwork and a micro-market with snacks, fresh food, and sundries.