The condominium market is about to get worse as many cities brace for a flood of new supply this year

More than 4,000 new units will be completed in both Atlanta and Phoenix by the end of the year. Developers in Miami and Fort Lauderdale, Fla., are readying nearly 10,000 total new units in a market already struggling with canyons of unsold condos. San Diego, another hard-hit region, will add 2,500 units, according to estimates provided by Reis Inc., a New York-based real-estate-research firm.

Phipps Tower, a 20-story office building in Atlanta's Buckhead area

Phipps Tower has been registered with the U.S. Green Building Council for Leadership in Energy and Environmental Design certification. The building will feature energy-efficient air and lighting systems, water and plumbing conservation systems, and enhanced air-quality measures.

"Phipps Tower is representative of the high quality, customer-focused and sustainable design for which Crescent Resources projects are best known," says Patrick Henry, senior vice president and chief development officer for the Charlotte-based developer's commercial division.

Locke Lord Bissell & Liddell Adds Renowned Real Estate Partner In Atlanta Office

Mustakeem will bring a strong real estate presence to the Atlanta office. She practices in the area of commercial real estate, including the representation of developers, purchasers and sellers in connection with the acquisition, disposition and development of office, hotel, retail, industrial and mixed-use projects. She also has significant experience representing both landlords and tenants in negotiating commercial leases, lenders and borrowers in secured loan and workout transactions, and the representation of companies and institutions nationwide in the ownership, operation and finance of corporate-owned real estate. Clients include institutional lenders, national and international office, retail, and hotel developers, and individual, corporate and foreign investors.

“I am excited about the opportunity to join a firm with such a strong national real estate practice and a terrific footprint,” stated Mustakeem.

Intercontinental Acquires Atlanta Area Office for $103M

Intercontinental Real Estate Corp. has acquired Lakeside Commons, a 514,000-square-foot, Class A office complex in Atlanta’s Central Perimeter submarket, for $102.8 million. It is at least the third office acquisition made through Intercontinental’s U.S. Real Estate Investment Fund, L.L.C., in recent weeks.

The name of the seller was not disclosed today.