According to published reports, the gross rental rate is about $16.50 per sf, which puts it about $4-per-sf shy of the average asking rental rate of $20.50 per sf for class-A office space in Alpharetta, according to GlobeSt.com research.
The estimated value of the lease is $5 million, area brokers familiar with the Alpharetta submarket tell GlobeSt.com on condition of anonymity.
The lease takes the single-story building, completed in 2000, to 100% occupancy. The owner is locally based Holder Properties. This building is one of three office buildings, totaling 225,000 sf, at Great Oaks Center.
Six Continents is scheduled to move in Oct. 1. U.S. corporate headquarters for the company, formerly Bass Hotels & Resorts, is located in 300,000 sf at Three Ravina Drive in the Perimeter submarket of Atlanta.
Doug Wise and Jim Simpson of the local office of Northbrook, IL-based Grubb & Ellis represented Six Continents in the transaction.
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