Thad Ellis, managing director of CarrAmerica's Atlanta office, tells GlobeSt.com terms range from five to 10 years and average quoted rents are $20 per sf. That would place the estimated aggregate value of the 93,576 sf at about $13 million, based on an average seven-year lease. Ellis wouldn't disclose the value or lengths of individual leases.
Locally based NumereX Corp., a telecommunications provider, expanded to 25,265 sf at 1600 Parkwood in northwest Atlanta. The property, built in 1985, is 96% leased. The asking rental rate is $20 per sf to $21 per sf.
Irvine, CA-based Option One Mortgage more than doubled its existing lease at 1600 Parkwood, and now occupies 14,271 sf in the building.
Birmingham, AL-based Regions Bank expanded to 25,265 sf at 400 Embassy Row, in a five-building development of 630,000 total sf in the Central Perimeter market. Asking rents are $18.50 per sf to $21.50 per sf. The first phase of the 86%-occupied Embassy Row was completed in 1984, and the last in 2000.
Woodland Hills, CA-based Oakmont Mortgage leased 11,275 sf in Midori in the Peachtree Corners submarket. Asking rents are $18.50 per sf to $19.50 per sf. The building was completed in 1991 and is 94% occupied.
New leases totaling 17,500 sf were signed at the 90,000-sf Forum but the tenants were not identified. The building was completed in February and is 90% occupied. The anchor tenant is locally based NAC Corp. Asking rents are $20.75 per sf to $21.25 per sf.
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