Real estate development firm to construct creative three-story office, bring 525 jobs to Cobb County
ATLANTA (Feb. 25, 2019) — Edison Chastain Office, LLC will construct an approximately 150,000 square foot, three-story creative office project along Chastain Meadows Parkway near Bells Ferry Road to meet the need for new Class A office space in the Kennesaw/Town Center submarket. The construction, which has a preliminary development and construction budget of $35 million, will bring an estimated 525 jobs to Cobb County.
“As the first new class A office in the Town Center CID in nearly 12 years, the Edison Chastain Office development will be a catalyst for future growth and development in our community,” said Tracy Rathbone Styf, executive director of the Town Center CID. “We are thrilled that the Edison will not only provide new, modern office facilities but also greenspace amenities that benefit employees and residents alike.”
Edison Chastain is a joint venture between Quintus Development and the TPA Group. Quintus will provide land entitlement and conceptual plan approvals and TPA will supply their expertise in Class A office construction, leasing and management. The Edison building model focuses on creative work environments, featuring open layouts, high ceilings and large windows that appeal to current workforce trends. The Edison is designed to be core free, allowing for flexibility in floor plan and employee configuration, and will boast a higher than average parking ratio of five spaces per 1,000 rentable square feet (RSF), compared to the industry standard of three to four spaces per 1,000 RSF.
Upon completion of construction, the office space will be marketed to a diverse pool of office users, including Fortune 1000 companies and regional technology, creative and marketing firms.
“The Edison Chastain Office development provides an excellent opportunity to land another top notch company in the Town Center market,” said Dana Johnson, executive director of SelectCobb. “With the lack of available Class A office spaces in this market, this new investment will be a game changer.”
The company has obtained conditional equity and debt commitments to finance construction, has selected a general contractor and has been induced by the Development Authority of Cobb County for taxable revenue bonds in the amount of $35 million. On February 12, the Cobb County Board of Commissioners approved an incentive package for the Edison Chastain Office project.
Visit TPA-GRP.com, QuintusCorp.com or SelectCobb.com for more information.
About Edison Chastain Office, LLC
Edison Chastain Office, LLC is a special purpose entity created for the proposed office space project by TPA Group, LLC, a private real estate development, investment and acquisition firm whose principals have acquired and developed in excess of 25 million square feet and 27,000 acres, all valued in excess of $5 billion.
TPA has a 40-year-plus legacy of financial stability with no loan defaults or deficiencies. TPA partners with a wide range of institutional and high net worth investors to produce exceptional products across a balanced mix of real estate asset classes. TPA has developed over 150 projects throughout the Southeast.
About Quintus Development
Quintus Development is a boutique real estate and management company based in Atlanta. Quintus strives to create character-rich environments designed specifically to provide new opportunities for community engagement and integration. By partnering with experts in various fields, we are able to deliver this vision to the communities we invest in, our residents, our tenants and our stakeholders.
Quintus Development and its business affiliates own, manage and develop a growing portfolio of investment and speculative real estate in the Atlanta metro area. Among these are more than 2,000 garden-style apartment units, 180,000 square feet of warehouse space, a 235-acre business park, and several residential subdivisions.
SelectCobb is a comprehensive economic development strategy, led by the Cobb Chamber, utilizing local partnerships to improve Cobb County’s communities, market Cobb around the world and recruit, retain and grow jobs.
The objective for SelectCobb is to help local businesses expand, grow small business, recruit new businesses, create a more educated workforce, and revitalize our communities and infrastructure.