Riverwood
Atlanta/Cumberland, GA
In 2006, Seven Oaks Company assisted General Electric Asset Management (GEAM) in the $103 million purchase of the 500,000-square-foot Riverwood 100 office building. Originally delivered in 1989, Riverwood 100 was the highest quality building in the Northwest Atlanta Market, but needed an “operational tune-up” and increased leasing. Seven Oaks effectively reduced operating expenses below Northwest Market averages, and leased and renewed over 175,000 square feet, bringing occupancy to over 90 percent. Additionally, Seven Oaks renewed the building’s 150,000-square-foot anchor tenant for ten years at above market economics. Seven Oaks then implemented substantial operational improvements with a special emphasis on “green” strategies. The building received Energy Star Certification in 2008 and LEED Certification in 2010.
Seven Oaks also added additional value to GEAM by reassembling the remaining surrounding undeveloped land, which was part of the original 1988 developer’s masterplan. Seven Oaks created substantial investor value by updating the existing entitlements to allow for 330 multifamily units, 15,000 square feet of retail, and two additional office sites.
Following the sale of Riverwood 100, to Raleigh N.C.-based REIT Highwoods, Seven Oaks Company then partnered with Highwoods and developed Riverwood 200 , which delivered in May 2017, 83 percent preleased to several large firms as their corporate headquarters.
Finally, in 2014, Seven Oaks Company led a joint venture with GEAM on the build-to-suit development of a 7,000 SF standalone Charles Schwab building on Cumberland Boulevard. Seven Oaks Company sourced the tenant, negotiated the lease, and oversaw all aspects of the development. The building was delivered on time and under budget.
The joint venture sold the building in 2016. The deal achieved a 148% IRR and 4.7x equity multiple.