Brookfield lends $284m to Atlanta’s Piedmont Center

Holliday Fenoglio Fowler and Cushman & Wakefield have arranged $284 million in financing for the acquisition of Piedmont Center 14 and recapitalization of the borrower’s existing holdings within the Piedmont Center office park in Atlanta’s Buckhead submarket.

The HFF and Cushman & Wakefield teams worked on behalf of the borrower, The Ardent Cos., to secure the floating-rate loan through the lender, a Brookfield-sponsored real estate debt fund.

Upon the acquisition of Piedmont Center 14, The Ardent Companies’ ownership within Piedmont Center totals 10 buildings and nearly 1.7 million square feet on 32.8 acres. Buckhead has long been considered Atlanta’s preeminent office market due to its renowned neighborhoods and multitude of hotels, restaurants, nightlife and upscale retail offerings, and Piedmont Center offers a mix of mid- and high-rise offerings in a park-like setting just blocks from the heart of Buckhead and in close proximity to Georgia 400 and MARTA. With a highly diverse rent roll totaling more than 160 tenants and anchored by Kaiser Foundation Health, N3, LLC, and Aldridge Pite, Piedmont Center is well-positioned to benefit from the borrower’s planned capital improvement program and demonstrate strong NOI growth in the coming years.

“With the acquisition of Piedmont 14, The Ardent Companies has expanded their holdings within Piedmont Center to complement and enhance their previous acquisitions in 2016 and 2017,” said Ed Coco, senior managing director at HFF. “Following the recent renewal of Kaiser and additional leasing successes across the park, we were extremely pleased to be able to participate in the efforts to arrange financing that provides accretive capital and simplifies the capital structure as The Ardent Companies continues to execute their business plan to recognize synergies and create additional value at Piedmont Center.”

“Piedmont Center 14 will add tremendous value to The Ardent Companies’ portfolio,” said Brian Linnihan, executive director Cushman & Wakefield. “The best-in-class office park is located in one of Atlanta’s prime office markets and its poised for continued success in years to come.”