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Portman, SunTrust Add Another Hot Asset to Downtown Mix

ATLANTA-The Downtown $70 million, six-story SunTrust Plaza Garden Offices is 80% leased and reserved after only a month on the market. The structure offers new-economy space amid a forest of traditional towers

By Judith Schonbak | Updated on August 07, 2000

Stout little six-story SunTrust Plaza Garden Offices rests in the shadow of its towering 60-story sister building, SunTrust Plaza. Yet the $70 million, 650,000-sf Garden Offices has about half the space of its 1.2 million-sf sister.

Still, the building opened in July at an 80% leased/committed level, says Brian Hogg, executive vice president of Portman Management Co., the leasing operation for the Portman companies and for the SunTrust Plaza complex. Gross rental rates are $24 psf. The tower, which opened in 1992, is 99.5% leased and rates are $28 to $31 psf.

About 275,000 sf in the Garden Offices was pre-leased to SunTrust Bank for offices. Another 190,000 sf went to Interland, a web-hosting company that is relocating its headquarters. Other tenants are KPMG, Steelcase office furniture systems, Oce-USA Inc., a France-based reproduction/copying business and Viant Corp About 2,000 to 2,500 people will work in the Plaza Garden Offices compared to 4,100 in the SunTrust Plaza Tower.

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