Crescent's 100,000-SF Deal Goes South

ATLANTA-Dallas-based Docucorp International’s decision to hold off on leasing 100,000 sf at Crescent Resources’ planned 20-story, 513,000-sf office tower is putting the estimated $77 million building on hold until the Charlotte-based developer finds an anchor tenant. The tower was scheduled to break ground in August.

Crescent representatives couldn’t be reached at GlobeSt.com’s publication deadline but area brokers familiar with the Cumberland-Galleria market in Cobb County tell GlobeSt.com delaying the project may work out best financially for the developer.

“Even though Crescent’s parent, Duke Energy, has the deep pockets to fund this project by itself, two other spec office jobs now under construction nearby could have hurt Crescent’s leasing activity by signing up tenants first,” an area broker who works the I-75/I-285 submarket tells GlobeSt.com on condition of anonymity.