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Philips Renews Expanded 227,368-SF Lease at Westpark

ATLANTA-The lighting and electronics giant expands distribution facilities, adding a new lease for 71,347 sf in the 3.1-million-sf industrial park and renewing its existing 156,021 sf at Westpark. Brokers familiar with the properties estimate the rental at $4 per sf.

By Marita Thomas | Updated on June 12, 2002

ATLANTA-Philips Lighting Co., the North American arm of Netherlands-based Royal Philips Electronics, has renewed its lease for 156,021 sf at 4875 North Westpark Dr. and leased an additional 71,347 sf in the neighboring building. The facilities are for Philips’ distribution process. The leases bring both buildings to full occupancy.

Locally based-M.D. Hodges developed the 3.1-million-sf Westpark business complex that encompasses 39 buildings in the Fulton industrial area and continues to own 37 of them. The Hodges-owned buildings at Westpark are 86%-occupied.

The Philips’ leases are for three years. Hodges would not disclose the rental rate, but area brokers familiar with Westpark estimate the rental at approximately $4 per sf.

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