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New tenant at Cobalt Center would boost Alpharetta’s economy
by Nicole Dow
March 20, 2013 10:05 AM | 2663 views | 0 0 comments | 6 6 recommendations | email to a friend | print
Having a tenant fill the 376,000 square-feet of space at the Cobalt Center office development on Windward Parkway would have “an incredibly positive effect” on Alpharetta’s economy, said the city’s economic development director, Peter Tokar.

“It would do a lot of good for the economy,” he said. “Adding jobs never hurts the city. It would certainly help all the retailers along Windward Parkway to have potentially 2,000 more people there during the day eating lunch, shopping [and] running errands.”

Tokar said though the office development was recently purchased by real estate firm M&J Wilkow, he does not have details of future plans for the space. AT&T was a former tenant but the offices have been vacant for about two years.

“You always hear people looking at it, but I don’t know of any companies specifically that are looking at the Cobalt Center,” he said.

He mentioned a technology firm would be an ideal tenant there.

“The city is looking heavily into technology companies,” Tokar said. “Pretty much our primary cluster in Alpharetta is technology.”

The office development is considered Class A office space, which would make it suitable for several uses.

“A corporate headquarters would go well in there,” Tokar said. “Any type of executive operations for a company would work well in there. We’re not limiting it to technology, but some sort of corporate headquarters of technology function would be the best fit probably for that.”

Commercial real estate professional Brian Patton, a board member with the Alpharetta Business Association, said Mayor David Belle Isle and the Alpharetta City Council have shown a strong interest in attracting technology companies. The city’s reputation as a technology center, its location, nearby Fortune 500 companies and mixed-use development like the new Avalon project are all factors that attract businesses and corporations to Alpharetta, Patton added.

“There’s a lot of office space all over the Atlanta metro that’s vacant, but I think it is starting to fill up some in Alpharetta,” he said.

He said the occupancy rates around the GA-400 corridor have held strong throughout the past 20 years because it is a location where businesses want to be.
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