Terms on the May 31 lease were disclosed in a filing AGL submitted to the Securities and Exchange Commission showing the rent at $22.92 per sf or $5.2 million per year.
Area brokers familiar with the Midtown submarket tell GlobeSt.com the current quoted average market rate is about $26 per sf.
The energy holding company will consolidate AGL Networks, its telecommunications subsidiary, and Atlanta Gas Light Co. in the space, beginning in first-quarter 2003.
The class A building was designed by Princeton, NJ-based architect Michael Graves and developed by locally based Cousins Properties in 1989. Cousins is the current owner. The building is neoclassic in style and has indoor access to a MARTA transit station.
AGL and its subsidiaries in Virginia and Tennessee supply natural gas to two million customers in the Southeast. AGL Networks, the holding company's telecommunications subsidiary, owns and operates a fiber optic network in Atlanta.
Cushman & Wakefield represented AGL.
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