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Third & Urban Acquires Georgia 400 Center in Alpharetta

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Office complex of Georgia 400 Center in Alpharetta

News Summary

Atlanta-based Third & Urban has acquired the Georgia 400 Center, a significant office complex in Alpharetta. This acquisition marks their fifth of the year and is part of their investment strategy focusing on undervalued assets in the Southeast. The Georgia 400 Center spans 24 acres, featuring notable tenants like Morgan Stanley. Plans for upgrades include enhanced amenities. The acquisition occurs amid challenges in the Atlanta real estate market, where home prices face potential declines and buyer demographics are shifting.

Atlanta – Atlanta-based real estate firm Third & Urban has recently acquired the Georgia 400 Center, a significant office complex located at the intersection of GA-400 and Haynes Bridge Road in Alpharetta. This strategic purchase represents Third & Urban’s fifth acquisition of the year and aligns with its new investment strategy focused on undervalued commercial assets in the Southeastern United States.

The Georgia 400 Center spans 24 acres and comprises three six- and seven-story office buildings, totaling over 430,000 square feet. Currently, the complex is 67% leased to notable tenants, including Morgan Stanley, Century Communities of Georgia, and Toll Brothers. Third & Urban plans to enhance the property through various upgrades, including new roofs, renovated lobbies, and a modern tenant amenity lounge equipped with a bar, conference center, recreational games, and operable glass walls that provide access to an outdoor courtyard.

In addition to the Georgia 400 Center, Third & Urban’s portfolio in the Southeast Atlanta region includes several other prominent properties. Among them are Northridge Commons, a 470,000-square-foot industrial campus in Sandy Springs, and Dunwoody Park, an eight-building office campus in Dunwoody. The firm is also engaged in several ongoing development projects, such as Hillcrest, a mixed-use development on an 8.1-acre site in Sandy Springs, and a 32-acre site at Corporate Square in Brookhaven that aims to create a walkable mixed-use district.

Despite the aggressive acquisition strategy by Third & Urban, the broader Atlanta real estate market is experiencing significant challenges, as recent reports indicate a potential vulnerability in home prices. Atlanta ranks as the second-highest risk housing market in the U.S. for price declines, closely following Albuquerque, New Mexico. Contributing factors to this unfavorable assessment include rapid home price appreciation, affordability strain for buyers, and rising inventory levels due to ongoing economic uncertainty.

Market dynamics in Atlanta highlight the shifting landscape for home sales. The average time required to sell a home in the region has jumped to over 40 days, returning to pre-pandemic norms. Additionally, local real estate professionals report a noticeable change in buyer demographics. There is an increasing number of downsizers and families navigating estate sales, indicating a shift in market participation.

Currently, home prices in Atlanta remain relatively stable, with the median price hovering around $425,000, reflecting a slight year-over-year increase of more than 1%. However, there has been a substantial uptick in housing inventory, with nearly a 50% year-over-year increase observed during certain months. This increase in inventory has created more options for prospective buyers, although the number of homes under contract has decreased compared to last year.

Amid these mixed signals in the market, there are indications of renewed buyer activity, particularly in areas such as Dunwoody. The prevailing economic uncertainty and fluctuating interest rates are crucial factors shaping the current market climate, leading buyers to prioritize value and affordability in their purchasing decisions. Industry experts predict that the housing market may see improvements in the latter half of 2025, especially if mortgage rates stabilize around 6%. Such a development could support continued housing demand in the context of broader economic growth.

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STAFF HERE ATLANTA WRITER
Author: STAFF HERE ATLANTA WRITER

ATLANTA STAFF WRITER The ATLANTA STAFF WRITER represents the experienced team at HEREAtlanta.com, your go-to source for actionable local news and information in Atlanta, Fulton County, and beyond. Specializing in "news you can use," we cover essential topics like product reviews for personal and business needs, local business directories, politics, real estate trends, neighborhood insights, and state news affecting the area—with deep expertise drawn from years of dedicated reporting and strong community input, including local press releases and business updates. We deliver top reporting on high-value events such as vibrant music festivals like Shaky Knees and Music Midtown, major cultural celebrations including Dragon Con and the Atlanta Film Festival, and iconic sporting events like the Peachtree Road Race. Our coverage extends to key organizations like the Metro Atlanta Chamber of Commerce and the Atlanta Convention & Visitors Bureau, plus leading businesses in logistics, beverages, and retail that power the local economy such as Delta Air Lines, The Coca-Cola Company, and The Home Depot. As part of the broader HERE network, including HEREAugusta.com and HERESavannah.com, we provide comprehensive, credible insights into Georgia's dynamic landscape.

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