Latest news with #JohnPetricola
Business Journals
22-04-2025
- Business
- Business Journals
Rockefeller Group's 1072 West Peachtree hits construction milestone
The 60-story tower in Midtown Atlanta is expected to be complete in spring 2026. Rockefeller Group is doing something no one else is in Atlanta: building the city's tallest tower in over 30 years. The New York real estate firm, known for developing Rockefeller Center in Manhattan, has completed more than 20 stories of Midtown's 1072 West Peachtree, which will blend luxury office space and apartments with the highest views in Atlanta. The construction milestone comes at a time when it's difficult to finance new buildings and office vacancy remains high, even for the most premium space. But at 1072 West Peachtree, Rockefeller is banking on 'world-class amenities and the highest level of service in an office setting anywhere in the city,' said John Petricola, senior managing director of the Southeast for Rockefeller. expand John Petricola, senior managing director of the Southeast for Rockefeller Group, during a tour last week. Amy Wenk The 60-story tower is expected to be complete in spring 2026, rising 749 feet and becoming the city's fifth-tallest tower. It's taking shape on a city block at West Peachtree, Spring and 12th streets, joining neighbors such as Google's Southeast hub. Rockefeller acquired the site in 2020 and started construction in 2023. It expects to top out later this year. 'We are starting to break the skyline,' Petricola said during a tour of the tower last week. He was eager to show off progress at the project, saying brokers can now bring in prospective tenants. He expects 1072 West Peachtree to compete with coveted projects along the Atlanta Beltline's Eastside Trail, such as Ponce City Market and Fourth Ward, which command some of the highest office and apartment rents in Atlanta. Rockefeller has yet to land an office tenant. But Petricola says the developer is committed to Atlanta despite the 'ups and downs' of the economy and office demand. The project will have 224,000 square feet of office space. CBRE's Jessica Doyle and Graham Little are leading the office leasing efforts. 'We're actually committed to the longer view of the growth of Atlanta,' he said. 'We're building for the future of Atlanta that might not physically be here yet.' Expand Expand to read more Rockefeller Group 1 of 12 Trophy office space is filling up as new construction dwindles Rockefeller's timing is interesting. The city's office construction pipeline is at its lowest level in a decade, with less than 500,000 square feet underway, according to CBRE. The building of new apartment towers has also mostly paused because of high construction costs and muted rent growth. 'We're encouraged by not having as much competition,' Petricola said. However, broader economic turbulence because of new tariffs and other federal policies is now impacting the local real estate industry. Tyler Henritze, a former Blackstone executive who founded New York City real estate investment firm Town Lane, expressed concern last week at the Emory Goizueta Real Estate Conference. 'People just seem to be deferring decision-making,' said Henritze, who last year joined Cousins Properties Inc. to acquire Midtown tower Proscenium. 'It's hard to make enlightened decisions in this environment.' expand Workers onsite last week at 1072 West Peachtree. Amy Wenk One encouraging sign is that Atlanta's most premium office space seems to be filling up. Direct availability of trophy office space hit just under 20% in first-quarter 2025, which is lower than the overall market average, according to data from Avison Young. Harry Klaff, principal and U.S. president of Avison Young, said that Atlanta saw almost 5% of its trophy space get absorbed year over year. 'That's pretty brilliant,' Klaff said during a media roundtable held in Atlanta last week. 'Not every market is at the same pace.' Atlanta's trophy buildings have also seen the strongest return to office at almost 79% of 2019 activity, according to Avison Young's Office Busyness Index. Compare that to Class-C office space, which is at 53% of 2019 activity. A 'day-to-night' experience at 1072 West Peachtree At 1072 West Peachtree, Petricola said everything is designed to 'minimize friction' and save a precious resource — time. The tower is essentially its own tiny town, where a person could work, live or relax. Retail spaces at the ground level will offer coffee and 'affordable' lunch service, geared toward providing workers options to stay onsite during the day. expand A future retail space along West Peachtree Street that will wrap the corner on 12th Street. Amy Wenk The building features two amenity floors. One will be just for residents with features such as a golf stimulator and dog spa. Another amenity floor will serve both residents and workers that spans over 1 acre of space. It will include a sprawling outdoor area with a lawn for gathering, gaming and events. Inside, there will be an oversized gym with spa treatment rooms and a yoga studio. The space also will include lounge areas and meeting spaces. Other interesting attributes of the building include two-story apartment units that line the parking garage, helping activate the energy at the street level. There are also private garages for residents. Atlanta-based TVS is the architect, and Turner Construction is serving as general contractor. '1072 West Peachtree is a development unlike anything else in the market and will completely transform Midtown Atlanta's West Peachtree corridor,' Petricola said in a prepared statement. 'We're delivering an experience for our office and residential tenants that is truly all encompassing, from day to night.'
Yahoo
03-03-2025
- Business
- Yahoo
New Luxury Apartments Launch Leasing in Downtown Huntsville
Thoughtfully designed by OKW Architects and Matheny Goldmon Architecture + Interiors; Vista at Councill Square redefines luxury living in Huntsville HUNTSVILLE, Ala., March 3, 2025 /PRNewswire/ -- Rockefeller Group and T2 Capital Management announced today that leasing has commenced at Vista at Councill Square. The new six-story, 332-unit premium property is located in Downtown Huntsville, Ala., the city's entertainment and lifestyle hub. Residents will have access to best-in-class social, wellness, and recreation experiences inside and out via Vista's wealth of amenities. In recent years, Downtown Huntsville has evolved into one of the city's most sought-after neighborhoods. Its convenient proximity to cultural and lifestyle happenings makes it an ideal location for upscale apartment residences. Huntsville-based Matheny Goldmon Architecture + Interiors, which has designed some of the area's most well-known and authentic properties—including the Mars Music Hall, Orion Ampitheatre, and the Guest Center at the Huntsville Botanical Garden—collaborated with OKW Architects to realize the striking, design-forward aesthetic of the exterior, as well as the building's interiors and homes. "We're incredibly proud of the collaboration that brought our shared vision for Vista at Councill Square to life. The cutting-edge curved building design, top-tier finishes, and timeless finishing touches set a new standard for elevated living in Huntsville," Paul Matheny, (Matheny Goldmon Architecture + Interiors). "This community will stand the test of time and marks a new era of future investment for our hometown." "Leasing commencement at Vista marks another step forward in the evolution of Downtown Huntsville," stated John Petricola, Senior Managing Director and Head of Southeast Development, Rockefeller Group. "This joint venture with T2 is an investment that we hope will build a lasting legacy here. Vista is the only multifamily property in Huntsville offering a rooftop pool with sweeping views of the city and an outdoor kitchen – amenities that extend the curated apartment lifestyle experience to the open air above – fostering a sense of community and connection among residents." "The addition of Vista to downtown Huntsville is yet another step towards the expansion of this vibrant community. Together with our partners at Rockefeller Group, we are thrilled to see it open its doors," said Jeff Brown, CEO and Co-Founder of T2. "We are proud to have led the development of this exceptional property for people to call home, and look forward to bringing more quality housing to Huntsville in the future." Vista is outfitted with top-tier amenities including two dedicated coworking spaces on the first and sixth floors, a fitness center with a yoga and meditation room, a hospitality unit available for residents' guests to rent nightly, EV charging stations in the garage, a game room and lounge, secure bike storage and a pet spa, in addition to in-unit smart devices. Vista also features a rooftop pool deck, boasting views of Monte Sano Mountain and the United States Space & Rocket Center. The property features a mix of studio, one-, two-, and three-bedroom apartments, including a limited collection of townhomes, offering two levels of living space with interior staircases. Each unit has high-end finishes, including stainless steel appliances, an in-residence washer and dryer, quartz countertops, custom shaker-style cabinetry, oversized windows, backlit vanity mirrors and frameless glass shower enclosures. Prospective residents are invited to visit the property's leasing office, located on site at 521 Davis Circle, to discover the various floor plans and experience furnished model homes. Pricing will start at $1,403. For more information about Vista at Councill Square visit ABOUT ROCKEFELLER GROUPRockefeller Group develops, owns and operates extraordinary properties across the United States. For nearly a century, the company has delivered exceptional experiences and value creation through dedication to quality in the built environment. The company's portfolio spans the development of industrial, office, multifamily and mixed-use projects across seven geographic regions as well as ownership and management of approximately six million square feet of world-class office space in Manhattan. Visit ABOUT T2 CAPITAL MANAGEMENTHeadquartered in Wheaton, Illinois with a second location in Nashville, T2 was founded in 2011. As a fully integrated real estate investment firm, T2 provides multiple investment strategies that cover each aspect of the capital stack within commercial real estate. T2 actively pursues acquisition and development opportunities in the student housing, multifamily, and build-to-rent space within select domestic growth markets. Through a separate business line, the firm also acts as a balance sheet lender having capitalized hundreds of projects nationwide. View original content to download multimedia: SOURCE Rockefeller Group & T2 Capital Management Sign in to access your portfolio
