The Loudermilk Companies announced today the groundbreaking of a new 120,000-square-foot Class A medical office building, located in the heart of Buckhead Village at 371 East Paces Ferry Road. The nine-story state-of-the-art medical facility, slated to open in the spring of 2018, will offer a fourth-floor surgery center and street level retail. 371 East Paces is strategically located between Atlanta’s colloquially named Pill Hill and Piedmont Hospital, filling a void for medical office space in the Buckhead submarket.
“The 371 East Paces Ferry medical office building will be the premier and only sizable medical office building in Buckhead Village, offering the growing walking community and surrounding neighborhoods its own healthcare hub that currently doesn’t exist,” says Robin Loudermilk, President and CEO of The Loudermilk Companies. “Our desire to continue re-developing and activating the Buckhead community continues with this addition, while contributing to the needs of a busy pedestrian friendly community.”
Cushman & Wakefield’s Healthcare Practice Group, the leasing agent for the project, has already secured four tenants – Concord Pharmacy, Piedmont Medical Care Corp., Peachtree Dermatology and Kalos Surgical Associates – bringing the property to nearly 30 percent leased. HFF arranged the construction loan.
“The last in-town medical office building was delivered several years ago and has been fully leased for many years,” said George Olmstead, Senior Director and Principal of Cushman & Wakefield’s Healthcare Practice Group. “There is significant demand for high-quality boutique medical office space, and we believe 371 East Paces Ferry offers a fantastic opportunity for healthcare providers to enter a top-tier market.”
371 East Paces Ferry, accessible from E. Paces Ferry Road and Buckhead Avenue, will include 485 parking spaces in a seven-level deck and offer valet parking.
The Loudermilk Companies announced in December 2016 that the company is also developing The Charles, a 57-unit luxury condominium complex, in the heart of Buckhead Village. The sales gallery is located at 315 E. Paces Ferry Road, andto date 11 units have been sold.
For more information on 317 East Paces Ferry, click here.