Duke and the tenant couldn't be reached to learn the aggregate value of the lease. But second-quarter research by Atlanta-based Richard Bowers & Co. shows the 84,965-sf, class A segment of the Interstate 75/Marietta/Johnson Ferry submarket having an occupancy of 94.2% and an average asking rent of $22.03 per sf. That would place the aggregate value of the Solutia lease at about $2 million.
Solutia is leasing at 3391 Town Point Parkway in the Northwest/I-75 corridor. Duke developed Solutia's six-story, 260,000-sf headquarters building in St. Louis in 1999.
"Multiple market relationships are continuing to drive new business," Kerry Armstrong, senior vice president, Duke Realty, Atlanta, says in a prepared statement.
Duke has five buildings totaling 470,000 sf at the 140-acre, mixed-use Town Point business park, one mile from the I-75/Chastain Road interchange.
In metro Atlanta, the REIT owns, manages and has under development 16.4 million sf of office and industrial product and 806 acres of land for future development. Duke Realty has a total market capitalization of $6.5 billion, making it one of the largest real estate companies in the US.
Chandler Spratlin, vice president/office leasing, Duke Realty, represented his company in the lease transaction. Jay Holland, Abba Waller and Bubba Chrismer of Trammell Crow Co. negotiated for Solutia.
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