At Sanctuary Park, 25 miles north of Downtown, the company's regional office is adding 56,000 sf for a total 115,000 sf in a seven-year lease having an estimated value of $1.8 million. Rental rates in the park start at $22 per sf.
At Cabot Business Center at the Meadows in Forsyth County, north of Alpharetta, GA, Ciena is taking 91,350 sf on an estimated seven-year lease with an estimated value of $12.78 million.
At Sanctuary Park, Ciena's space is divided among three buildings. Two of the structures are open and one is under construction in the 150-acre development near GA 400. The park is owned by J.P. Morgan Strategic Property Fund. With the new lease, the company will take two floors at Oak View II, a six-story, 150,000-sf building under way and expected to be delivered in July.
On the strength of the market, Jones Lang LaSalle and J.P. Morgan began the spec building last August. With the new Ciena lease and one signed earlier by Colonial Pipeline, the building is 85% leased.
Ciena also signed a lease for 91,350-sf in Cabot Business Center at the Meadows, located in Forsyth County, farther north of Alpharetta. The company plans to have some 350 employees in the new facility, replacing smaller operations. Completed this past summer, the structure is on a 61-acre tract being developed by Taylor & Mathis in a joint venture with Cabot Industrial Trust. The developers plan a total 720,000 sf of office/warehouse.
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