“The Grant” located in Downtown Atlanta is positioned for redevelopment
Atlanta – Leading diversified professional services and investment management company Colliers recently facilitated the sale of a 125,000-square-foot mixed-use building known as “The Grant Building” located at 44 Broad St. NW in Downtown Atlanta. Colliers Senior Vice President Helen Zaver represented the seller, Grant Building OPF, LLC, and sourced the buyer, Tower 44 Broad Street LLC, a joint venture between Bluelofts and Wolfe Investments.
"The disposition of The Grant was a rare opportunity to invest in the historical preservation of one of Atlanta's most talked about neighborhoods,” said Zaver. "As the city continues to change, so will The Grant - evolving to meet the needs of its growing population.”
Developed in 1898, The Grant is the second oldest steel frame structure in Atlanta. It is known for its Chicago Architectural Style, famously designed by Atlanta architects Alexander Bruce and Thomas Henry Morgan, and was added to the National Registry of Historic Places in 1979.
“We are excited about the tremendous future of this historic building and look forward to working with Atlanta on this key project,” said Ike Bams, co founder of Bluelofts, a Dallas-based real estate company that specializes in office-to-multifamily conversions.
In a groundbreaking collaboration with Kenneth Wolfe, president of Wolfe Investments, Bluelofts will oversee the future development of The Grant and plan to breathe new life into the property by transforming it from an office space into multifamily dwellings.
“By reinventing old buildings, we can honor the past while transforming it into something new - preserving our shared legacy for generations to come,” said, John Williams, co-founder of Bluelofts.
The 10-story plus single-level basement building has been renovated twice in its history, first in 1980, and most recently in 2019, when some of the key systems were upgraded including the elevators.
Other features include its close proximity to all major interstates (I-75, I-85, I-20 and I-285) and Hartsfield Jackson International Airport and its location within a Qualified Opportunity Zone. Sonder, a publicly traded company, has master leased the multifamily floors in the building. UC Funds is the primary lender for the new borrower.
“This project demonstrates our expertise in understanding adaptive reuse projects that contain intricate structures including federal and state tax credits, as well as, PACE funds. Upon completion, this mixed-use project will be 100% leased under a master lease to Sonder, a national apartment-hotel operator,” said Dan Palmier, president and CEO of UC Funds.
