Business News

Published on December 30th, 2016 |

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Entrepreneur plans 100,000-square-foot Buckhead venue for tech startups

Tech entrepreneur Greg Benoit reportedly will invest about $25 million in redeveloping a 1980s-era, five-story office building at the intersection of Lenox and Piedmont Roads in Buckhead for a new 100,000-square-foot venue for tech startups.

“TechRise” will be a neighbor to Atlanta Tech Village, “another redevelopment that helped diversify Buckhead beyond a financial services hub and triggered a wave of tech-related real estate development across metro Atlanta,” according to an Atlanta Business Chronicle story.

TechRise will target the waves of software companies emerging from co-working spaces and incubators in the region. Buckhead has about 200,000 square feet of shared or co-working spaces, the ABCreports, including Atlanta Tech Village, WeWork and Roam.

“We are trying to be the place where companies go after they outgrow co-working, or incubator space,” 33-year-old Benoit told ABC. “There’s no market today for companies that are too big for co-working spaces, but aren’t ready to sign a five-year lease in a traditional office building.”

Benoit founded QGenda, a health-care software company which he has grown to 180 employees. In June, QGenda received a “substantial” private equity investment from Francisco Partners, the Business Chronicle reports.

Atlanta Tech Village meets the office space needs of sub-10-person startups. TechRise addresses the market for 10- to 100-person startups that have business traction, but cannot project far enough to justify a traditional 5- to 10-year office lease, the ABC reports. TechRise will offer tenants one-year leases with the option of six-month extensions.

The TechRise building has attracted companies that have outgrown ATV, such as ArrayFire, Salesloft and BitPay. About 20 percent of tenants in the building — which is at full occupancy — are tech-related. Non-technology tenants will be allowed to finish out their leases, or terminate early.

To read the Business Chronicle story, click here: http://www.bizjournals.com/atlanta/news/2016/12/30/techrise-startup-hub-planned-for-buckhead.html?ana=e_mc_prem&s=newsletter&ed=2016-12-30&u=zCiE69SmJIfvrOp02HGNK%2FIv3ru&t=1483115683&j=76906431

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