Ultima Filling Up Once-Vacant, Suburban Structure

ATLANTA-Vacant a year ago, the seven-story, 103,000-sf, 30-year-old office building in suburban Sandy Springs, GA is currently 40% occupied after owner Ultima Holdings leased a total 21,151 sf to Marriott International and One Source Marketing.

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.