The firm is taking 50,490 sf on two floors in the new Buckhead office tower on a lease running for eight years/eight months with an estimated aggregate value of $11 million.
The law firm won't be moving from its current headquarters at Two Midtown Plaza until January 2003, broker Dan Granot of Insignia/ESG tells GlobeSt.com. Toronto-based TrizecHahn owns the building.
Sublease rental rates at One Alliance Center are in the $25-per-sf range, Jared Boyd, senior researcher at Richard Bowers & Co. in Atlanta, tells GlobeSt.com. Asking rents for direct space in the building are about $31 per sf, Granot tells GlobeSt.com.
However, few property owners are able to achieve such high rates given the state of the economy and Atlanta's troubled office market, he says.
"People are getting really aggressive and offering sublease space for cheap," Boyd tells GlobeSt.com. "But since that building is so new, sublease rates shouldn't dip much lower than $25 per sf."
Granot and Jay Dowlen of Insignia represented the subtenant in this transaction. Travis Jackson, Christopher White and Allison Bittel of Cushman & Wakefield of Georgia negotiated for S1 Corp.
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