Ascentris and Origin Investments Sell Atlanta Suburban Office Property, Centrum at Glenridge
Denver, CO (June 5, 2019) – Ascentris, a Denver-based real estate private equity firm and Chicago-based Origin Investments announced today the sale of Centrum at Glenridge, a 186,362 sf Class A multi-tenant office building located in the Central Perimeter submarket of Atlanta, GA. David Tennery and Noel Steinfeld of JLL marketed the property for sale on behalf of the partnership. The buyer and sale price were not disclosed.
The partnership acquired Centrum at Glenridge 84% leased in April 2014 and immediately commenced a repositioning of the property. During its ownership, the partnership performed extensive capital improvements including conference center, café and restroom upgrades that lead to executing over 80K sf of leases, including early renewals with major tenants Havertys and Cumulus Media.
Constructed in 1981, Centrum is located near the confluence of GA 400 and I-285, Atlanta’s most traveled interstate, in a highly-amenitized, easily-accessed quadrant within Atlanta’s premier suburban office submarket. Chris Dean and Steve DeVinney of Stream Realty Partners leased the property on behalf of the partnership. Stream Realty Partners also managed the building, and helped it achieve LEED Gold designation, as well as win the BOMA International Regional TOBY award in 2019.
In early 2014, Ascentris launched an office acquisition strategy targeting specific research-based submarkets across the United States. Since that time, it has acquired nearly 2.0M sf of office properties located in Georgia, North Carolina, Florida, Texas, Arizona and California under that initiative.
“Ascentris is very pleased with the outcome of this investment. Origin did an exceptional job of finding a true value-add opportunity in a terrific location within Atlanta’s best suburban office submarket. Stream did a great job of leasing and managing the property during our ownership,” said Ascentris Managing Director Tricia Noble.
“The success of this property investment cannot be measured simply by the building improvements and the 80,000 square feet of leasing we performed while we owned it,” said Marc Turner, Managing Director of Investment Management at Origin Investments. “Over the five-year hold period, our collective and comprehensive efforts delivered a very favorable return for our investors.”
Ascentris is a real estate private equity firm based in Denver, Colorado. With nearly $1.3 billion in assets under management, Ascentris manages a series of fully discretionary institutional vehicles targeting core, value-add and opportunistic investments across all the major property types and geographic regions within the United States. Since 2003, Ascentris’ management team has relied on an investment philosophy and organizational structure that results in its investors getting to opportunities ahead of the market while receiving an unmatched level of service, transparency and accountability. Ascentris is a privately held and management-owned SEC registered investment adviser that maintains an unwavering commitment to put its investors’ needs first. Additional information is available at www.ascentris.com.
About Origin Investments
Founded in 2007, Origin Investments is a real estate investment firm that acquires office and multi-family properties in ten fast-growing markets: Atlanta, Austin, Charlotte, Dallas, Denver, Houston, Nashville, Orlando, Phoenix and Raleigh, with offices in Chicago, Charlotte, Dallas and Denver. Origin has more than $800 million dollars in assets under management. The firm recently raised more than $150 million for Origin Fund III and is currently fundraising for its QOZ and IncomePlus Funds.