Hathaway Group announces plans for former Transamerica Building
December 10-16, 2018
The Hathaway Group announced in late November the acquisition and new occupancy plans for the Transamerica building in West Little Rock. Hathaway represented the buyer and will serve as property manager and exclusive leasing agent for the property, a 100,000-square-foot, three-story office building at 1400 Centerview Drive.
The property was purchased by 1400 Centerview LLC for just over $9 million from Transamerica Life Insurance Company. Larry Crain Jr., Jeff Hathaway, John Hathaway, and Wes Martin of Hathaway Group; and other Hathaway Group clients are among the investors comprising 1400 Centerview LLC.
An entire floor of the building has been leased to Tata Consultancy Services, and Transamerica will continue occupying a portion of the ground floor. Up to 35,000 square feet of contiguous space is available for lease, and smaller spaces will be available as well. The property also includes more than eight acres of adjacent land south of the existing structure, where the new owners will construct additional office space for future tenants.
“Class A office space of this size and quality is uncommon in the West Little Rock sub-market,” said Martin, vice president of Hathaway Group. “We have a rare product, and every high-end office user will be interested.”
The new owners will immediately make a significant investment to enhance the project’s landscaping, lighting and common areas, and funds are budgeted for demising and tenant finish as needed. All of these tasks will be overseen by Silver Development Company, a general contractor owned by Crain. Financing is provided through First Security Bank. The seller was represented by Little Rock’s Newmark Moses Tucker in conjunction with another Newmark affiliate from New York.
Martin will team with senior vice president John Hathaway to serve as the primary leasing contacts for the building.
Jeff Hathaway, president and CEO of Hathaway Group, said, “Wes and John envisioned this entire deal from the beginning, and they are the key players who really made it happen. It’s a great investment for our firm and our clients. We’ve worked with the Crain family on several successful projects, and we really value the relationship. Larry is not just a passive investor; he and his team bring a lot of expertise to the partnership.”
About Hathaway Group
Formed in 1976 with two desks and a card table in downtown Little Rock, Hathaway Group was built upon integrity and innovation, offering superior service to commercial real estate clients throughout Arkansas. The company serves property owners, businesses and investment groups, offering a comprehensive range of services for clients buying, selling, leasing or developing commercial land or buildings. Core service areas include seller/landlord representation, buyer/tenant representation, property management and counseling/advisory. For more information, visit www.hathawaygroup.com or call 501-663-5400.
Source: Hathaway Group
(Above) The Transamerica building, located on 1400 Centerview Dr. inWest Little Rock recently sold in a transaction handled by the Hathaway Group. (Photo provided)