Raleigh, NC –September 1, 2010 – Atlantic Business Technologies, Inc. (Atlantic BT) and Crabtree Partners, LLC announced today the companies have signed an agreement under which Atlantic BT’s real estate holding company will acquire a significant ownership interest with options in Crabtree Partners and the prime real estate it holds on the corner of Glenwood Ave. and Creedmoor Rd. across from Crabtree Valley Mall. Additionally Crabtree Executive Center held by Crabtree Partners will be renamed “Atlantic BT Center” and Atlantic BT will relocate its headquarters to the 3rd floor of the building.
Under the terms of the deal, significant interior and exterior renovations and modernizations have been planned for the building. “Crabtree Valley has always appealed to me as a center of activity in Raleigh and we are excited to have the opportunity to become a part of the area,” said Jon Jordan, president of Atlantic BT. “We believe that the location gives us a great competitive advantage, not only in significant visibility and nearby shopping and dining, but its central location is very convenient for our employees from the Raleigh, Cary, and Apex metro areas.”
Atlantic BT’s current headquarters is also located on Creedmoor Rd. a few miles away. The new headquarters at over 11,000 sq ft. more than doubles the company’s current space and will provide room for the company to continue expanding. In recent years the company has grown rapidly, landing on each of the most recent Inc 5000 lists containing the fastest growing private companies in America. This year alone the company has grown more than 50% in year to date revenues.
Provided in the agreement is an initial 5 year lease with options to expand within the building as well as rights to increase its equity participation and to extend the lease for up to 20 years. “We are excited to have growing technology company like Atlantic BT make the decision to move its headquarters into our building, and look forward to working with the company to undertake the planned renovations,” said Richard Ladd, managing partner of Crabtree Partners.
Atlantic BT has been involved in other expansion in the past 4 years including the acquisitions of Novel Projects, eSearch Logistics and Praxis Studios giving the company strategic advantages in .Net development, hosting and design respectively.
Peter Pessetto of Keller Williams Commercial represented Atlantic BT in the transaction. Crabtree Partners was represented by NAI Carolantic and CDS Properties.
About Atlantic Business Technologies
Atlantic Business Technologies, Inc. is a full service Web development company that offers the tools, resources and services to get any business moving. The company focuses on combining new ideas, specific requirements and years of experience into high-quality, results-oriented Web solutions for small to medium sized businesses. Atlantic BT offers end-to-end solutions for over 800 clients, including professional business Web site design, e-Commerce and programming solutions, business grade Web hosting, Web strategy and all facets of Internet marketing.