Marriott is taking the entire 14,268 sf on the fourth floor. One Source is leasing 6,883 sf on the ground floor. Asking rents are $17.50 per sf to $18.50 per sf, full service. Leases are in the five-year to seven-year range. The building is at 270 Carpenter Drive.
Ultima owner Robert Ullmann, Sam Thomas of City Properties and an unidentified third partner bought the building last year for an undisclosed price and renovated the structure for an aggregate purchase-renovation cost of $9 million or $87.38 per sf, Ullmann tells GlobeSt.com.
Ullmann is optimistic about the project in spite of a lagging economy, which he said would actually help them.
"The current economic slowdown will help us, as people, get a little more cost conscious," he tells GlobeSt.com. "We are very competitive with rental rates, so that would be good for us."
Ullmann feels the building/s location in the desirable southwestern quadrant of the Central Perimeter submarket will help lease up the structure. Cushman & Wakefield represented Ullmann in the lease negotiations with Marriott and One Source.
Marriott was represented by broker Andrew P. Lechter of Julien J. Studley, Inc. Fred Sheats of Colliers Cauble & Co. negotiated for One Source Marketing.
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