CoreNet's prepared statement didn't disclose the value of the lease. But area brokers intimate with the Downtown submarket tell GlobeSt.com on condition of anonymity the lease has an estimated aggregate value of $2.4 million, based on an estimated $20 per-sf rent. Quoted average Downtown rents are in the $21 per-sf to $23-per-sf range.
The CoreNet statement says Atlanta was selected primarily for the proximity of Hartsfield International Airport and the local membership presence of 400 members. CoreNet is consolidating operating offices in West Palm Beach, FL, Dunwoody, GA and Norcross, GA, both suburbs of Atlanta. Regional offices in Brussels, Hong Kong and Sydney will continue to operate.
CoreNet's members manage global and national portfolio averaging $700 million in value and 2.5 million sf in size, according to the statement.
Continue Reading for Free
Register and gain access to:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.
