The transaction is one of the largest office deals this year.
Siebel calls itself the world's leading provider of eBusiness application software. The eight-year-old firm has 8,000 employees in 136 offices in 34 countries. The company posted a profit last year of $221 million on sales of $1.79 billion, a one-year sales growth of 127%, according to the company's Web site.
GlobeSt.com couldn't reach Siebel or Pope & Land at publication deadline to learn leasing details. But area brokers familiar with the transaction and the submarket tell GlobeSt.com on condition of anonymity the lease is for at least 10 years with an aggregate value of $43 million or about $22 per sf.
Siebel will be relocating to its new headquarters at GA 400 and Abernathy Road from NorthWinds in suburban Alpharetta, GA and Tower Place in Buckhead. Siebel is taking 55% of the 353,000 sf in the 14-story, $61 million building that breaks ground Nov. 5.
Regions Bank of Alabama is funding the venture. Pope & Land's equity partner is Dallas-based Granite Properties. The partners are buying the land at One Glenlake for an undisclosed price from St. Joe Co. of Jacksonville, FL.
St. Joe plans to build a hotel on the site at an undetermined date to complement the three office towers but hasn't disclosed details.
The 9.7 million-sf, class A GA 400 North submarket posted a third-quarter occupancy level of 82.69% with average asking rents of $22.08 per sf, according to Richard Bowers & Co.'s latest research. A total 1.67 million sf is vacant.
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