Pictured from left: Pierce Lancaster, Chris Faussemagne and Hank Farmer.Courtesy: Third & & Urban.Two of Atlanta’s top developers of cool workplace are integrating to record suppressed demand and develop imaginative work areas from Virginia to Texas. Third & Urban, which developed and offered Atlanta’s loft-office Armour Yards, and Chris Faussemagne’s Westbridge Partners have formed a new advancement entity that will maintain the Third & Urban name. The new company plans to concentrate on adaptive reuse & and city infill jobs across the Southeast and Texas. Creative workplace generally offers renters more of an open workplace environment and locations for partnership and amenities such as recreation room and dining locations generally not discovered in traditional set-ups where closed-door workplaces surround groups of cubicles. Imaginative offices tend to be found in walkable locations of a city surrounded by restaurants and retail and not rural workplace parks that require driving to lunch. Third & Urban said need for innovative office is much greater than supply-and the need is coming from big enterprises as
well as & smaller sized start-ups. Third & Urban approximates that creative office accounts for less than 5 percent of Atlanta’s general workplace market, while it accounts for 25 percent of demand.”That’s a lot of runway for this kind of space. It’s tough to discover. There’s not a great deal of it in a scaled platform,”stated Hank Farmer, who supervises advancement at Third & Urban. “There’s need for it anywhere you can create an authentic environment, and not just in intown markets. “Faussemagne said the increase of the imaginative class about 15 years earlier, and its extraordinary growth considering that, is
a significant factor for the jump in need for space other than traditional office with cubes and corner workplaces.” People enjoy being in a more creative environment,”he said. Faussemagne is best understood for his function in establishing Atlanta’s Westside Provisions District at 14th Street and Howell Mill Roadway. Westbridge developed the preliminary part -the White Provision mixed-use task with Jamestown. Third & Urban’s Pierce Lancaster and Hank Farmer operated at Jamestown prior to forming their own development company in 2014. Stockyards.Photo Credit: Westbridge Partners also developed Stockyards, an adaptive reuse of 3 historical warehouses in West Midtown, with Federal Capital Partners. The task is 95 percent leased to numerous tenants, including 3 Interpublic Group business: advertising firm Fitzgerald & Co., Momentum Worldwide and public relations business Weber Shandwick. Stockyard’s ability to land entities that belong to a global, publicly traded company is a testimony to the comfort with, and desire for, innovative workplace amongst big firms, Faussemagne said. Denham Building.Photo Credit: Third & Urban.In July, Third & Urban will break ground on the Denham Structure in Birmingham’s Parkside District near Regions Field, house of Minors Baseball’s Birmingham Barons.
Denham is an adaptive reuse of a two-story,
1920s-era storage facility that will consist of 80,000 square feet of workplace, 59 homes, on-site retail stores and a roof dining establishment. Since Third & Urban is converting a previous warehouse at Denham, the building timeframe-12 months-will be much quicker than building new workplaces from the ground up. This will help Third & Urban maintain its competitive advantage
while other designers, consisting of some of the country’s largest, get on the imaginative area bandwagon, Farmer said. One of the big designers now constructing innovative workplace is Hines, which broke & ground in May on T3 West Midtown, a brand-new timber office
building at Atlantic Station. Faussemagne stated he anticipates others to begin establishing loft offices since of the need and wider acceptance of it as a viable property type for institutional&investors. When it comes to Third & Urban, the company preparesto grow in a calculated way, Farmer said. It’s currently hunting opportunities in Nashville, Birmingham, Charlotte and Tampa in addition to in its hometown of Atlanta.”It seems like there’s an opportunity that’s not being
met regionally &, “he said.”Austin and Los Angeles are five to Ten Years ahead of Atlanta on innovative office. But Atlanta leads it in the Southeast, and we’re ready to leverage our position.”