Hines is forging ahead on the design of a second phase of its Atlantic Yards project in Midtown, a huge office complex that could be the first of a new generation of buildings in the next development cycle.
Overtime Elite occupies the site Hines has targeted to become The Forge at Atlantic Yards, a three-building office complex in Midtown.
The Houston-based developer is working on plans for The Forge at Atlantic Yards, a three-building, 637K SF office campus with ground-floor retail space, Hines Senior Managing Director John Heagy told Bisnow. The project is slated for the site of the Overtime Elite arena at the corner of 17th and Market streets on the south side of Atlantic Station.
The Forge would be a follow-up to Atlantic Yards, a two-building project that was developed on spec by Hines and Invesco but ended up being entirely leased to Microsoft. The 500K SF complex sold in 2022 to a subsidiary of KKR for $385M.
“We hit the jackpot at Atlantic Yards with Microsoft,” Heagy said. “We’d love it if lightning would strike twice.”
The Forge at Atlantic Yards would be the latest addition to the 138-acre Atlantic Station complex, the mini-city near Georgia Tech that is home to a collection of office towers, hotels, retail and residences.
Heagy said that unlike its predecessor, Hines won’t likely break ground on The Forge without “a substantial amount of pre-leasing.” Overtime Elite is on a short-term ground lease with Hines for its facility and would be forced to relocate once the project kicks off.
But Hines is facing a number of headwinds to making The Forge a reality. Office demand has slowed…
Read the full article here
