Asking rental rates for this and other trophy buildings in Downtown Atlanta are slightly above $26 per sf, according to GlobeSt.com research. However, area brokers tell GlobeSt.com that deals are prevalent and estimate the law firm is not paying in excess of $22.50 per sf.
Based on an estimated $20 per-sf rent, the new seven-year lease has an estimated value of $15.9 million, area brokers familiar with the Downtown submarket tell GlobeSt.com on condition of anonymity.
The 1.26-million-sf skyscraper, built in 1992, is jointly owned by locally based Cousins Properties Inc. and a subsidiary of Charlotte-based Bank of America.
Brad Armstrong and Keene Reese of locally based Staubach Co. represented Hunton & Williams. The brokers couldn't be reached to confirm the building's occupancy, estimated by other area brokers at 85%. Bank of America is a client of the law firm.
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