William Carter Co. is taking 60,000 sf on a seven year to 10-year lease with an estimated aggregate rent value of $12.5 million. American Management Association is leasing an entire 25,000-sf floor for 10 years at an estimated $6.5 million. Carter is relocating from Morrow, GA in south metro Atlanta.
Trammell Crow wouldn't disclose the value of the leases but GlobeSt.com estimated the numbers from the building's full-service asking rents of $26.50 per sf to $28.50 per sf.The two leases were the first signed since pre-leasing began in mid-1999.
TCC started construction in September with four tenants taking pre-leased space. Competition is heating up in Midtown as space becomes available in what has been a tight market. Vacancies have ranged between 8% and 10%.
Construction on some seven other buildings are under way or about to begin, totaling 3.3 million sf. And another 3.7 million sf is planned or proposed, according to records from the Midtown Business Alliance.
Besides the Proscenium, Pope & Land is developing One Atlantic Center Plaza, a 24-story, 495,000-sf office tower due to open this October. "It is going head-to-head with the Proscenium for leases," says TCC's Pannell. One Atlantic Center Plaza, too, is currently about 50% leased.
Coca-Cola's exodus from the 1.1 million-sf One Atlantic Center in Midtown also dumped major space in a high-profile office tower on the market. The move made 10 floors available. That space is also competing with the Proscenium. So far, about four OAC floors are subleased.
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