The estimated value of the 57,000-sf, 11-year lease is $20 million. Colliers Cauble & Co and the Griffin Co. co-brokered the transaction.
The lease involves an additional 30,000 sf of office condominium space that KSA had sold and is now leasing back from G&C. KSA had been leasing 27,000 sf .
Kyle Jenks, president of Griffin's marketing division, represented G&C in the KSA deal. Bob Mathews and Fred Sheats of Colliers Cauble & Co. represented KSA.
Jenks would not disclose exact numbers or the total rental amount to GlobeSt.com, but says the total value of the new KSA lease is based on the original selling price of those condos, as well as the value of the leaseback itself.
Peachtree is one of several office complexes developed by Griffin in Atlanta. Mount Vernon Place, a 240,000-sf corporate campus opened last November. A 15,000 sf, two-story loft office building called Parkside Office Lofts is slated debut next month.
Jenks says the latest deal underscores the vigor of the Midtown area. "It is a statement of quality of the building and the strength of the Midtown market for a company like KSA to continue to be down here and grow," Jenks tells GlobeSt.com. "It shows the quality of the sub-market and what's going on in that area."
The 25-office KSA, headed by Kurt Salmon, first moved to Peachtree when it opened in 1989. KSA has been in Midtown for more than 20 years.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
