Professional Documents
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Atlanta . Q2 2012
Tour activity
Leasing volume
Rents
Concessions
Central Perimeter In the biggest deal so far this year, State Farm insurance made headlines when it leased 434,513 square feet at Phillips Electronics long vacant block at 64 66 Perimeter Center East. Dell Secureworks is adding more than 200 jobs and expanded by 115,000 square feet at Concourse Corporate Center One. Home products manufacturer Oldcastle is consolidating from Northridge Center II into 92,000 square feet of upgraded Class A space at 900 Ashwood Parkway. Cancer treatment innovator Elekta is upgrading from Class B Norcross space to 77,000 square feet at North Terraces. Hammond Exchange secured a sizable tenant when industrial pallet maker CHEP inked a deal for 60,000 square feet at the recently rebranded and soon to be renovated building. North Fulton Fintech firms remain active in Atlanta and Ingenico will relocate from Class B flex space at The Meadows into 33,000 square feet at the Class A Windward Fairways I. At 200 Milton Park, Media Brokers International sublet an entire floor in a lease for 27,000 square feet. Technology is still king in Alpharetta and network security solutions provider Lancope renewed and expanded its space to 26,000 square feet at Brookside 100. Georgia 400 Center II backfilled secondary space when cell phone insurance provider eSecuritel Holdings sublet 21,000 square feet. Abbott Laboratories renewed and expanded its space to 15,000 square feet at Mansell Two. Northlake Emory University is one of the biggest drivers of activity in the submarket, and its Clinic leased two floors at 57 Executive Park Drive. Nonprofit group Parent to Parent of Georgia is relocating within Presidential Park to 8,800 square feet at the 3070 building.
Northeast Commercial construction firm CCI will upgrade and expand from Class C office condo space in Tucker to 55,000 square feet at Lakeside at Spalding Triangle. At 333 Research Court in Technology Park, The Network Inc., a compliance solutions provider, renewed its lease for 34,000 square feet. Cornerstone Christian Academy also renewed and expanded to 22,600 square feet at Spalding Triangle Office Park II. Northwest A large chunk of space at Overlook I will be backfilled by airport retailer The Paradies Shops, when it upgrades from flex space in the Fulton Industrial district to the Class A Vinings asset. Piedmont Healthcare continues to gobble up space at Paces West, taking down another full floor at the Two building in a lease for 22,000 square feet. Tenants in the market Buckhead Tech company Wipro is said to have a 130,000-square-foot requirement to expand its presence in Atlanta. Legal group Hunton & Williams is out in the market for 80,000 square feet. There are multiple firms shopping 60,000-square-foot requirements: Taylor English; Crif Magnum; Asurion. Downtown The Georgia Chamber of Commerce is looking for around 20,000 square feet. Apparel maker Oxford Industries still seeks 40,000 square feet. Atlanta Life group is in the market for 30,000 square feet, as it is in the process of selling its longtime Auburn Avenue home to Georgia State University. Manufacturer Oxford Industries might relocate from its owned building into 30,000 square feet of leased space. Law firm Kutak Rock is looking for around 15,000 square feet. Midtown Childrens clothing maker Carters is shopping around a 200,000square-foot deal. There are several active law firms: Alston & Bird might lease another block of Midtown space with a requirement of 40,000 square feet to house its contract attorneys; Miller Martin is also looking for 40,000 square feet; and Burr & Forman seeks 35,000 square feet. Technology firm EBEX has a 35,000-square-foot requirement. Central Perimeter Travelport is looking beyond its Northwest borders for 175,000 square feet. AmeriCold Logistics still has a 75,000-square-foot requirement and is also considering Buckhead and North Fulton. GE is looking for 60,000 square feet. IT staffing firm Matrix Resources looks for 45,000 square feet. North Fulton Several out of state prospect projects are looking in North Fulton. RedPrairie is still shopping for 100,000 square feet. MedAssets is also looking for 100,000 square feet. An undisclosed technology tenant seeks 50,000 square feet. Select Management Resources is looking for 40,000 square feet.
Northlake Emory Orthopaedics and Spine Center entered the market with a 100,000-square-foot requirement. In the market for 25,000 square feet, Dekalb Technical College could lease new space. Accounting group Nichols Cauley is shopping for 12,000 square feet. Northeast United Healthcare seeks 87,000 square feet. The Muscular Dystrophy Association continues to shop for 35,000 square feet. Northwest IBM will be consolidating its footprint and remains in the market for around 200,000 square feet. Manhattan Associates is also shopping for a big block of space with a requirement for 120,000 square feet. Insurer QBE is looking for 80,000 square feet. CarMax also seeks 80,000 square feet. German shipping company Hapag Lloyd has a 30,000-square-foot office need. Sales activity Downtown The owner-occupied 105,323-square-foot Atlanta Life Building is likely to be sold to Georgia State University by the venerable insurance group. Midtown The 258,917-square-foot Ten Peachtree Place was purchased by Prudential Real Estate Investors in May for $61.4 million ($237 per square foot) from a joint venture between Cousins Properties and The Coca-Cola Company. The entirety of the building is leased by AGL Resources. Northeast Ares Commercial Real Estate sold the 65,783-square-foot Pinnacle Center Building 600 to Beena Vision Systems in April as part of a portfolio acquistion for $1.2 million ($19.00 per square foot). Northlake Senior Housing Properties Trust acquired the 112,000-square-foot Decatur Plaza from Pope & Land in May, paying $9.4 million ($206 per square foot). Northwest In a two-building portfolio sale, Baker Dennard & Goetz picked up Galleria 75 Office Park Buildings 100 200 from Cousins Properties in June. The buyer paid $9.3 million ($81 per square foot). Construction activity At the end of second quarter 2012, there is 450,000 square feet of speculative office under construction; the entirety of this is found at Jamestown Properties mixed-use redevelopment of Ponce City Market in Midtown.
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