ONE | THREE GLENLAKE
One Glenlake was a development joint venture between Pope & Land Enterprises and Granite Properties. The 353,000 SF, 14-story, Class “A” office building delivered in 2003. Located in Atlanta’s Central Perimeter submarket, the Pickard Chilton designed building was 46% pre-leased to Siebel Systems. Other tenants included Regions Bank, Willis, Insurance, and Coldwell Banker. Wells Real Estate Investment Trust II bought One Glenlake in 2004 for $80 million.
Three Glenlake was a development joint venture between Greenstone Properties and Granite Properties. Given the success of the sister property, One Glenlake, the partners purchased the site for Three Glenlake in 2005. In late 2006, Newell Rubbermaid signed a lease to make Three Glenlake its new global headquarters, taking 100% of the to-be-built 353,000 SF, 14-story building. Sensing a “changing of the winds” in the commercial real estate market, ownership opted to enter a leveraged partnership in mid-2007 with Wells Real Estate at a valuation of $105.9 million. The leveraged partnership took effect in mid-2008 upon completion of Three Glenlake.