A Case Study of 10 10th

Creative Strategy and Modernization Achieve High Results

Challenge

In the heart of Midtown Atlanta, 10 10th sits in a vibrant neighborhood within walking distance to an abundance of world class city amenities and the hub of Atlanta’s financial tech explosion. Yet with its disparate mix of tenants, the building suffered from limited recognition in the market. Its dated lobby and common areas combined with a lack of market identity left the building facing 16 percent vacancy in 2017 and approximately 24 percent of the building at risk in the short term.

  • LocationAtlanta, GA
  • TypeOffice
  • Size426,000 SF
  • Investment strategyCore
  • Acquisition date2016
10 10th street in Atlanta
10 10th street in Atlanta
Off side view of the building in Atlanta
10 10th street in Atlanta
10 10th street in Atlanta
10 10th street in Atlanta

Solution

As the Atlanta market continued to see a rise in technology tenants with a demand for high functioning, collaborative and creative spaces, our team developed a new class of tenant and building—”Class T.” The new strategy focused on upgrades and improvements to the high touch areas such as a fully remodeled lobby, newly created collaboration spaces and an outdoor patio. With marketing focused on defining a new Class T experience, the plan would attract top technology and creative tenants and create market awareness around the new 10 10th.

Results

The renovations and modernizations propelled 10 10th to 100 percent occupancy within two years. The team’s approach improved the tenant mix including a new technology tenant taking the only full floor available, renewed much of the pending rollover, and extended and expanded other credit tenants. In addition, the property achieved LEED Gold status aligning the building’s sustainability with the goals of the tenants. More than 167,000 SF was leased up within 24 months, achieving rents well above pro forma in 2019.