Hanjin Shipping Company
Atlanta, GA
60,000 SF
CresaPartners Atlanta
Client Objectives
Hanjin Shipping is Korea’s Largest carrier that operates approximately 60 liner and bulk services around the globe, transporting over 100 million tons of cargo annually. Its fleet consists of over 200 containerships, bulk, and LNG carriers. Hanjin has four service centers in the United States, strategically located in Atlanta, Chicago, Houston, and Phoenix. The Korean parent company requested that the executives at the Atlanta office purchase an office building to accommodate consolidation of three out-of-state locations. The purchase had to be completed in 90 days or less.
Result
The company planned to combine their New Jersey, Virginia, and Tennessee offices to create a new Regional Service Center in Atlanta, which necessitated finding a building with vacant office space of 35,000 to 45,000 square feet and an owner willing to sell at a reasonable price (relative to the economy in late 2008.) The chosen CresaPartners team worked quickly to locate several opportunities in the Atlanta area that met Hanjin's requirements. The three-floor, class A office building with ten acres of land at 4300 North Point Parkway in Alpharetta, Georgia fulfilled all Hanjin's criteria and provided the following advantages:
- Acquired valuable asset at competitive price
- Reduced occupancy costs
- Rental income from existing tenants with long term leases
- Space to expand in the future
- Excellent amenities for employees
- Capital investment in rapidly expanding Alpharetta market
- Purchase was closed within 90 days of the initial assignment