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CarrAmerica Leases 93,576 SF for Estimated $13M at Five Properties

ATLANTA-Despite a depressed office market, the Washington, DC-based owner has brought its Atlanta area assets to the 90%-leased level by finding tenants for five-year to 10-year terms at average quoted rents of $20 per sf.

By Marita Thomas | Updated on June 25, 2002

ATLANTA-Possibly in an indication that the depressed Atlanta office market is beginning to turn around, Washington, DC-based CarrAmerica’s local office has signed leases for a total 93,576 sf at five buildings over the past five months.

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.

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