July 1, 2013
Spanx to move HQ to Buckhead Atlanta project, open store
by Staff Reporters In a news release, Buckhead-based Spanx Inc., maker of undergarments and apparel, and OliverMcMillan, a San Diego-based developer of Buckhead Atlanta, Thursday announced they reached an agreement for Spanx to move its headquarters from the 3344 Peachtree building to Buckhead Atlanta and to open a flagship retail store in the project. Spanx's headquarters will be on three floors, and the company is getting signage rights and sole office tenant status. The headquarters will open onto a rooftop garden terrace with additional balconies. In order to accommodate Spanx's need for growth, Buckhead Atlanta is adding another level of office space that was not in the original development plan. The growing company will lease 84,000 square feet of office space, with an option to expand up to 110,000 square feet. Spanx is anticipated to move in November 2014. We're so excited to create a beautiful space for this leading Atlanta-based company, said OliverMcMillan CEO Morgan Dene Oliver. Spanx's innovative spirit and sense of fashion fit perfectly with the fabric of Buckhead Atlanta. The move to the Buckhead Atlanta project not only addresses the anticipated growth of the $1 billion manufacturer, but also the innovation and style it is are known for. Like the Spanx brand, the Buckhead Atlanta space is innovative and unique, said Spanx founder Sara Blakely. It's a perfect fit no pun intended! We're also thrilled to offer hometown fans a way to experience the magic of Spanx at our first flagshape store. By expanding its corporate headquarters and moving from to Buckhead Atlanta, Spanx is showing its long-term commitment to the city. Spanx is one of Atlanta's wonderful success stories, said Atlanta Mayor Kasim Reed. And in a true testament to its entrepreneurial spirit, Spanx will now be the anchor office tenant of the Buckhead Atlanta development, another visionary project. On behalf of the city of Atlanta, I wish Spanx continued success in its new home and congratulate OliverMcMillan as it completes construction of Buckhead Atlanta. Brannan Moss and Josh Hirsh with Jones Lang LaSalle represented Spanx in the transaction. Amy Fingerhut of CBRE represented OliverMcMillan. In other news, OliverMcMillan Monday announced it has secured $167 million in construction financing for Buck-head Atlanta. The loan will cover the full construction of the project, which is set to open next year. While building at the project resumed in August, pace on the development is now set to increase. Developer Ben Carter broke ground on the project, then Streets of Buckhead, in 2007 but work stopped in 2009 due to the recession. The construction financing is in the form of a syndicated construction loan, led by PNC Capital Markets LLC. Five lenders are involved, including PNC Bank, N.A.; CIT Finance LLC; Compass Bank; Regions Bank and SunTrust Banks.