Houston-based Hines partnered this year with an investment fund to buy the retail core of the Midtown mini-city, and has a mid-rise office building for creative companies in the pipeline along 17th Street.
Now, Hines also is exploring the potential for a second office building there, three people with knowledge of the situation told The Atlanta Journal-Constitution.
The company has one of the building pads along 17th Street under contract and is doing its due diligence for a potential office building of similar size to the wood-framed “T3” building it has pitched a block or so to the west.
John Heagy, a senior managing director for Hines in Atlanta, declined to comment when contacted by the AJC.
The potential office building isn’t a sure bet and a closing date on the land transaction isn’t certain, one of the people with knowledge said.
But if Hines does pull the trigger and buy the site, it would give Midtown two new speculative office projects at a time when few office buildings are being built without an identified anchor tenant.
Separately, CBRE Global Investors is marketing other potential development sites within Atlantic Station.
Population growth in Midtown and a surge of new creative companies have made Atlantic Station an appealing target. Midtown office vacancy has improved substantially since the downturn and sits at 16.2 percent, according to data from CBRE Research.