Originally incorporated as Technology Park/Atlanta in 1971, TPA Realty Services, LLC has assembled, master-planned and developed five premier office parks in Metro Atlanta comprising nearly 5,000 acres and nearly 200 office and business park buildings. In mid 2004, the local Technology Park/Atlanta management team successfully presented to Peninsular and Oriental Steam Navigation Company ("P&O") an offer to purchase the company. The management buy-out closed, as scheduled on December 31, 2004. As part of the management buy-out process, the property management, leasing and development operations were re-organized as TPA Realty Services, LLC. While the name changed, the organization -- which at that time was comprised of 34 experienced professionals -- remained virtually intact with the ongoing ability and expertise to meet its clients' commercial real estate objectives. Today TPA employees more than 60 real estate professionals.
ENHANCING ECONOMIC DEVELOPMENT IN ATLANTA
Technology Park/Atlanta originated as a concept to enhance the long-range economic development of Metro Atlanta. In 1971, a group of Georgia Tech alumni founded the company to attract technology-oriented companies to the area and make Atlanta a hub for technological and scientific enterprises. Like Silicon Valley and Research Triangle, Technology Park/Atlanta succeeded in the founders' vision, and along with Georgia Tech, became a catalyst for the emergence of a strong technology sector in Metro Atlanta. The founders donated controlling interest to the Georgia Tech Foundation.
In 1987, a 95% interest in the company was purchased by P&O, an international corporation based in the United Kingdom established in 1837 by royal charter. As of year-end 2004, the company had approximately $5.4 billion in assets with global interest in shipping, real estate, transportation, energy and other industries. P&O purchased the remaining 5% from the Georgia Tech Foundation in 2002. Shortly thereafter, P&O began liquidating their international real estate portfolio in order to re-invest the proceeds in the acquisition and construction of major port operations through out the world. The company's local management team could see that eventually the Atlanta real estate holdings would also be liquidated.
In the past ten years, TPA's production can be highlighted as follows:
- Sales of over $400 million in office and business park inventory
- Sales of over $100 million in land
- Leasing transactions of over 5.2 million square feet generating aggregate lease value of over $500 million.