At the same time, the Georgia Building Authority signed a seven-year lease for 18,800 sf in the class A office tower. The GBA signed on behalf of the State Data Research Center & Office of Education Accountability, which will move into the 25th floor by the end of the year.
Rental rates Downtown average $22 per sf. The leases leave just 50,000 sf vacant in the 637,000-sf building, according to leasing director Jeff Shaw. Insignia/ESG owns the asset. Five years ago, pre-1996 Olympics, only a handful of folks imagined the Downtown market would be hot. But hot it is with a mid-year occupancy rate of 91.8%. according to Richard Bowers & Co.'s mid-year report.
Much of that activity is around Centennial Olympic Park. Plans in that district include Turner's five-year expansion plan to add a 25-story, 600,000-sf office tower overlooking the park.
Centennial Tower, renamed to celebrate the '96 Olympic Summer Games held in Atlanta, was built in 1974. It underwent a total redevelopment last year by LNR Property Group and Insignia Commercial Investment Group.
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