Lending division of bank moves Intown, doubles its space with long-term lease at 34-story Buckhead tower.
(Atlanta, GA – Oct. 31, 2011) AloStar Bank of Commerce has leased 14,340 square feet of office space at 3630 Peachtree, a joint venture of Duke Realty Corp. (Duke Realty) and Pope & Land Enterprises Inc. AloStar, formed last spring, will move its asset-based lending division – AloStar Business Credit – from Cherokee County to the 10th floor of the 34-story Buckhead tower in December.
The move will more than double AloStar Business Credit’s current 6,387 square feet of office space. The lending division also expects to increase its staff to a total of 24 or 25 employees by year-end from the current level of 21. AloStar began with nine employees in April 2011 at the Cherokee County location.
Bubba Chrismer, John Flack, Andrew Waguespack and Ryanne Pennington of CresaPartners represented AloStar in the transaction. Kerry Armstrong of Duke Realty, and Jackie Gauthreaux and Jennifer Koontz of Pope & Land represented ownership.
“As the financial center of Atlanta, Buckhead is an ideal location for AloStar as it continues to seek small and mediumsized businesses in need of capital,” said Kerry Armstrong, senior vice president in Duke Realty’s Atlanta office. “3630 Peachtree is attracting an excellent mix of first-class tenants, and we’re fortunate to add this fast-growing financial services firm to the tenant lineup.”
AloStar will join a 3630 Peachtree tenant roster that includes JWT, Windham Brannan, Teavana and the recently opened Tomo Japanese Restaurant.
“Since launching AloStar last spring, our lending arm has experienced dynamic growth,” said Andy McGhee, president of AloStar Business Credit. “A location in the heart of Atlanta’s financial district will provide a central location for our employees and customers in the area.”
The office portion of 3630 Peachtree, floors 2 to 17, is a joint-venture development of Duke Realty and Pope & Land Enterprises. Post Properties and Novare Group are the developers of the residential section of the building, The Ritz-Carlton Residences Atlanta, Buckhead, occupying floors 18 to 34.
About AloStar Bank of Commerce
AloStar Bank of Commerce provides value for depositors, small- to medium-sized companies and community banks across the country through online customer service, unique lending products and exceptional service. AloStar provides commercial loans of $5 to $20 million for companies with revenues from $20 million to $300 million through AloStar Business Credit. For more information, visit www.meetalostar.com and www.alostarbank.com.
About Duke Realty
Duke Realty is one of the Atlanta area’s largest commercial real estate companies with nearly 13 million square feet of industrial, office and medical office space owned or managed. The company also owns and manages more than 7 million square feet of industrial space in Savannah. Duke Realty’s local offices are located at 3039 Premiere Parkway, Suite 100 in Duluth. For information about Duke Realty’s properties in Atlanta and Savannah, please call 770.717.3200 or visit www.dukerealty.com and look for “Spacefinder” on the home page.
On a nationwide basis, Duke Realty owns and operates approximately 143 million rentable square feet of industrial and office assets, including medical office, in 18 major U.S. cities. Duke Realty Corporation is publicly traded on the NYSE under the symbol DRE and is listed on the S&P MidCap 400 Index. More information about Duke Realty is available at www.dukerealty.com.
About Pope & Land Enterprises, Inc.
Atlanta based Pope & Land, founded in 1979, is a leading commercial developer and property owner in the southeastern United States. The company has developed in excess of 5 million square feet of office space in metro Atlanta and has 3700 acres of commercial land for future development. More information on Pope & Land is available at www.popeandland.com.