Overview
One & Two Barrett Lakes Center is a 235,379 SF, two-building, Class A office campus in the heart of Kennesaw’s Town Center corridor, one of Northwest Atlanta’s most established suburban office and retail submarkets.
The Offering gives investors the opportunity to acquire an institutional-quality asset at a basis significantly below today’s replacement cost, estimated in excess of $400 PSF. Barrett Lakes benefits from immediate connectivity to I-75, I-575, Barrett Parkway, and Cobb Parkway, easy access to Town Center at Cobb and Kennesaw Marketplace, affluent surrounding demographics with average household incomes exceeding $131,000, and direct proximity to Kennesaw State University - dynamics that collectively support long-term tenant demand, leasing velocity, and durable value.
Distinguished by a true campus-style setting centered around a lake with walking trails, landscaped grounds, and a park-like environment, Barrett Lakes offers an amenity package unmatched by competing office properties in the submarket. The Property has demonstrated exceptional historical leasing performance, maintaining 91.2% average occupancy from 2014 through 2024. The Offering presents a clearly defined value-add opportunity at approximately 79.30% leased, to drive occupancy and NOI through targeted lease-up, spec suite development, and strategic concessions.
WALT: Overall: 4.7 Years
Investment Highlights
Exceptional Northwest Atlanta Location
Positioned along Barrett Parkway with immediate access to I-75, I-575, and Cobb Parkway, and walkable to Kennesaw Marketplace and Barrett Crossing SC, within a trade area averaging $131,000+ household income.
Institutional-Quality Campus Setting
A 235,379 SF, two-building Class A campus centered on a lake with walking trails and park-like grounds — an amenity package not replicated by competing submarket office assets.
Top of Market Rents, Supply-Constrained Submarket
Positioned at the top of the competitive set and commanding approximately $32.50 PSF rents, the Property benefits from a submarket vacancy rate of just ~12.8% and an absence of new office development, supporting sustained demand for premier office space.
Durable In-Place Cash Flow
One Barrett is 87.29% occupied across a diversified rent roll, providing stable income that limits rollover risk and supports investor carry during lease-up.
Two Barrett Value-Add Opportunity
Two Barrett is approximately 71% occupied, offering a clear path to grow occupancy and NOI through targeted leasing, spec suites, and strategic concessions.
$1.8M of Embedded Revenue Upside
Below-market in-place rents provide approximately $192,000 of mark-to-market renewal upside and $1.61 million of vacancy lease-up potential, creating a clearly identifiable path for future NOI growth and value creation.
Long-Term Credit Anchor
Anchor tenant Insperity occupies approximately 50,000 SF through 2035, delivering income stability and leasing credibility to the campus.
Basis Well Below Replacement Cost
Acquire an institutional-quality asset at a basis significantly below today’s estimated construction cost in excess of $400 PSF — a substantial margin of safety and downside protection.
Proven Leasing Performance Across Market Cycles
Barrett Lakes achieved 91.2% average occupancy between 2014 and 2024, reflecting a long-standing history of strong leasing performance. The current vacancy is a recent departure from the property’s historical operating profile and presents a compelling opportunity to restore occupancy toward previously demonstrated levels.
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Southeast Investment Sales Team
