The owner of the planned venture will be Teachers Insurance & Annuity Association of New York which has had equity interests in Concourse products since the early 1980s.
All the developer needs is a lead tenant that will take 150,000 sf or about one-third of the space, Trammell Crow senior associate David Shope tells GlobeSt.com. He says there is "some serious talking" going on with potential tenants.
The tower would be the first new office structure at the five-building Concourse since 1990.
The structure will be named Building Three, even though it will be the sixth building in Concourse. Shope says there is room for two more structures, Buildings Seven and Eight.
Concourse is a highly visible property in the central perimeter because of its chess-like king and queen roof features on two office towers. The park is at I-285 and Ga. 400. The central perimeter market, with more than 22 million sf, is the metro area's largest office submarket.
Crow also has equity interests in Buildings Four, Five and Six. The first building went up in the early 1980s and was developed in a joint venture with TIAA by the Landmark Group. Landmark sold its holdings and dissolved several years ago. The last structure to rise in the park was Building Six in 1990.
Overall, Concourse is 94% leased. Rental rates range between $25.50 per sf and $30 per sf. Concourse amenities include an 80,000-sf athletic club, a 370-room Westin hotel and a free-standing childcare center.
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