Another Class A Office Building Planned For Avalon

ALPHARETTA, GA — A real estate firm and a developer have teamed up to build another office building in Alpharetta. Hines and Cousins Properties have formed a joint partnership to develop 10000 Avalon, a 251,000-square-foot office building in Alpharetta.

Cousins has a 90-percent ownership interest and Hines has a 10-percent ownership interest in the joint venture, according to a company news release. The joint venture has secured AXIS Reinsurance Co., a subsidiary of AXIS Capital Holdings Limited, as an anchor tenant with a 15-year, 76,000 square foot lease.

10000 Avalon will be the second and final office building in Avalon, a leading mixed-use development in Alpharetta. The new building will be adjacent to Hines and Cousins' 8000 Avalon office development that opened in June 2017 and is currently 98 percent leased. Construction on 10000 Avalon will begin this month and initial occupancy is expected to occur in early 2020. The total development cost is projected to be around $97 million.

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"We are thrilled that AXIS has chosen to anchor our second office development with Cousins at Avalon," said John Heagy, senior managing director of Hines. "AXIS is a great organization – a leading global player in specialty (re)insurance and an active and committed corporate citizen within the local community."

Larry Gellerstedt, chairman and CEO of Cousins, said the company is also looking forward to building on the success of 8000 Avalon.

"We are excited that AXIS has recognized Avalon as a compelling office location and are encouraged by the level of activity we are seeing from additional potential customers eager to join this vibrant mixed-use project," he added.

AXIS was represented in the lease negotiations by Sam Holmes of CBRE.

Image via Hines