Business & Tech

What's Happening With Suwanee Gateway Office Building?

The five-story site near I-85 has been vacant since it was built.

Updated 6:18 a.m.

It's a symbol of the "new" Suwanee -- and also a symbol of the real estate miseries of recent years.

The Suwanee Gateway One office building, part of the Terraces at Suwanee Gateway development near I-85, is still vacant, just as it has been since it was built in 2008.

It is being actively marketed, according to a spokesperson for Jones Lang LaSalle (JLL), the prominent commercial real estate firm that represents the owner.

"Absolutely," Jeff Bellamy of JLL said Tuesday when asked whether his company was pushing the 143,000 square-foot, five-story structure.

The building originally was developed by Opus South on what used to be the training and practice headquarters for the Atlanta Falcons, who left in the early 2000s for larger digs in Flowery Branch.

But the recession hit in 2008, and Suwanee Gateway One went into foreclosure. The building now is owned by Piedmont Realty Trust, which bought the property in 2010, reportedly for $7.9 million in cash.

And the fact that there's no mortgage on the property means there's no pressure to find just any tenant, Bellamy said.

He noted that a tenant willing to occupy one or two entire floors must be found to economically justify the "significant" operating expenses required for such a structure. If that were done, other space could be leased to smaller users.

Bellamy added that he is making a presentation involving Suwanee Gateway One to about 40 brokers Wednesday in Buckhead. He said the building has been "very well maintained."

Leasing the large building would be another step forward for the Gateway area, which is targeted for redevelopment by city officials. The new Suwanee Police substation sits across the interstate from the office building. Also, the Movie Tavern and Schlotzsky's Deli have opened in the area.

-- Do you think a suitable tenant will be found for Suwanee Gateway One? Tell us in the comments below.

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