Several companies in Georgia’s fast-growing electric vehicle industry recently signed leases to base their office teams in Gwinnett County, including a Korean affiliate of Hyundai Motor Group.
Miami-based real estate firm Banyan Street Capital announced eight EV-related lease signings at Satellite Place, an 820,000-square-foot office campus along Satellite Boulevard in Duluth. The latest tenant is Hyundai Glovis, and the eight leases combine for nearly 47,000 square feet.
Hyundai Glovis, which currently leases space in a nearby office building off Crestwood Parkway, will nearly double its square footage as part of its move to Satellite Place. The Hyundai subsidiary oversees logistics and distribution for the Korean automaker.
Hyundai Glovis plans to move into the new space in May 2024 to be in place before Hyundai’s sprawling $7.6 billion EV factory near Savannah begins production in early 2025. Some company officials have said the project in Bryan County is ahead of schedule and could open as early as October 2024.
Georgia has emerged as a leader within the EV industry as automakers across the world prepare for the potential electrification of auto travel. The state has attracted two multi-billion dollar EV factories, including Hyundai’s Metaplant, and state officials say Georgia has attracted more than $25 billion in EV supply chain investments and commitments for more than 30,000 jobs since 2018.
Zac Gruber, president of Banyan’s office division, said in a news release that Satellite Place “has emerged as the preferred office location for EV manufacturers and their suppliers and partners.” The building was the corporate headquarters for automated teller and financial technology company NCR, which moved to Midtown on the doorstep of Georgia Tech’s Technology Square and recently split into two public companies.
The other Satellite Place tenants include SK IE Technology, a subsidiary of SK Group, which is partnering with Hyundai to develop a $5 billion EV battery plant in Bartow County. An SK subsidiary also operates an EV battery manufacturing center in Jackson County. Real estate services firm JLL brokered the new office leases.
Banyan is also partnering with developer Greystar to build a 328-unit apartment complex at Satellite Place, which is expected to open in early 2025. It’s part of a proposed 117-acre master plan to developer the area across from Gwinnett Place Mall, which is also undergoing its own revitalization effort.
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