Brokers handling the transaction refused to disclose terms of the lease. But based on previously published deals by GlobeSt.com, the averaged quoted class A rent is $24.30 per sf. At $24 per sf, AT&T's estimated 10-year lease would have an aggregate value of about $3.6 million, brokers familiar with the Midtown submarket tell GlobeSt.com on condition of anonymity.
A broker familiar with this deal tells GlobeSt.com the AT&T space carried special telecommunications requirements that may have affected the average quoted rate and placed the rent in a higher per-sf category.
One Atlantic Center is one of Atlanta's most distinctive buildings. It was developed by Dallas-based Prentiss Properties Trust in 1987 and designed by Phillip Johnson and John Burgee. The current owner is New York-based Sumitomo Life Realty.
While the AT&T lease takes the property to almost full capacitgy, several large blocks of space will be available in early October, Cynthia Alexander, senior vice president of Sumitomo, says in a printed statement.
Scott Willenbrock of CB Richard Ellis Inc./Atlanta represented AT&T. Kay Younglove of locally based Kay Younglove, Inc., represented Sumitomo.
Since the transaction, the local office of Jones Lang Lasalle was named exclusive leasing agent for the property.
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