ATLANTA – Big Brothers Big Sisters of Metro Atlanta (BBBSMA) has sold its building located at 1382 Peachtree Street NE in Midtown Atlanta. The building, which was purchased in 2011, has grown considerably in value due to its location at the corner of 17th and Peachtree Streets, officials stated in a news release today (May 4).
The building has been sold to Greystar Real Estate Partners LLC, a global leader in the investment, development and management of high-quality rental housing properties headquartered in Charleston, SC.
BBBSMA will immediately begin buildout on a new headquarters office at The MET Atlanta, an industrial warehouse space in the West End developed by Carter.
“A move to the West End will allow us to be closer to many of the families we serve. It provides easy access to our services, whether participants are driving or taking MARTA,” said Kwame Johnson, President and CEO. “We are looking forward to becoming part of this vibrant neighborhood.”
BBBSMA worked with Colliers (NASDAQ, TSX: CIGI), the third largest global commercial real estate and investment management company with operations in 68 countries, to secure this sale. Colliers’ Senior Vice President and Principals, Michael Lipton and Jodi Selvey, worked hand-in-hand with BBBSMA during this complex transaction to ensure the best outcome for their specific office needs, the press release stated.
“We initially sold BBBS’ existing building to the organization back in 2011 with the intention that it would rise in value and serve as a good investment, which was the ultimate result,” said Selvey. “A decade later, we were able to continue our relationship with the client to secure the best selling price and act quickly during the pandemic to overcome unforeseen challenges. We look forward to continuing our relationship with BBBSMA and to support such an important cause.”
The press release said: “The mission of BBBSMA is to create and support one-to-one mentoring relationships that ignite the power and promise of youth. As the agency strives to serve the children who are farthest from opportunity, proceeds from the building sale and a capacity-building fundraising campaign will allow BBBSMA to better meet the changing needs of metro Atlanta. The organization plans to adopt a “hub and spoke” approach, with a central office inside the perimeter, and satellite offices embedded in other nonprofit organizations across the metro area.”
“The Board and leadership of BBBSMA are taking a thoughtful and strategic approach to this opportunity,” says Randy Tanner, Chair of the Board of Directors. “We are utilizing funds from the sale of the building to ensure the long-term financial stability of the agency, while also investing in specific projects that will allow the agency to innovate and grow. Ultimately, these changes will allow us to serve more children while also being more responsive to the changing needs of the community.”
About Big Brothers Big Sisters of Metro Atlanta
For 61 years, Big Brothers Big Sisters of Metro Atlanta (BBBSMA) has transformed the lives of some of the most vulnerable children in our community through a proven youth development strategy: one-to-one mentoring. The mission of Big Brothers Big Sisters is to create and support one-to-one mentoring relationships that ignite the power and promise of youth. The agency serves approximately 1,100 children from 12 metro Atlanta counties on an annual basis.
About Colliers International Group Inc.Colliers International (NASDAQ, TSX: CIGI) is a leading diversified professional services and investment management company. With operations in 68 countries, our more than 15,000 enterprising professionals work collaboratively to provide expert advice to maximize the value of property for real estate occupiers, owners and investors. For more than 25 years, our experienced leadership, owning approximately 40% of our equity, has delivered compound annual investment returns of almost 20% for shareholders. In 2019, corporate revenues were more than $3.0 billion ($3.5 billion including affiliates), with $33 billion of assets under management in our investment management segment. Learn more about how we accelerate success at corporate.colliers.com, Twitter @Colliers or LinkedIn.