MENU

Historic Flatiron Gets Millennial-Minded Makeover

May 19,2015

From www.globest.com

Downtown Atlanta’s historic Flatiron Building is getting a makeover. Backed by capital advisor Patterson Real Estate Advisory Group, Lucor Resources is investing $12 million to renovate the building over the next six months.

“As the millennial generation continues to drive market conditions and new development, the revitalization of the Flatiron will help attract entrepreneurial tenants who want to work in an urban, walkable setting,” Arun Nijhawan, the primary principal of Lucror, tells GlobeSt.com. “While these tenants require space with up-to-date fixtures and technology, they will appreciate the integrity and character of Atlanta’s oldest skyscraper.

The 11-story, 42,460-square-foot building was originally constructed in 1897. That’s five years prior to the famous Flatiron building in New York City. As Atlanta’s second and oldest standing skyscraper, Lucror will maintain the integrity of the historic fac¸ade, leverage the urban environment and repurpose the interior as flexible office space for young companies and, corporations.

“By integrating the characteristics of a 118-year-old, iconic building into a 24/7 workspace with 2Gbps of fiber optic bandwidth,  a unique atmosphere will be created,” says Nijhawan. It will reflect the work habits of the Millennial generation who will not only treat the Flatiron as a workplace, but also as a place to discuss ideas and recharge one’s batteries.”

After the renovations are complete in October, tenants will be able to lease as little as one desk on a monthly basis. That limits overhead expenses as they start and expand their companies. Of course, traditional long-term leases are also available.

What’s more, Flatiron will house the nation’s second Microsoft Innovation Center and will accommodate Atlanta’s new Center for Women Entrepreneurship. Lucror plans to lease the ground floor and lower level to retail tenants. Atlanta has truly emerged as a tech talent hub, so the renovations bode well for Flatiron.

“With the opening of Atlanta Streetcar and the increased investment by Georgia State, Downtown Atlanta continues to gain momentum,” says Lance Patterson of Patterson. “By repurposing the Flatiron building, Lucror will be able to take advantage of the landmark’s historic stature as well as the growing vibrancy downtown.”