Hines Nears Closing Estimated $8M Lease

ATLANTA-Houston-based Hines expects to start the new year with the signing of locally based accounting firm Reznick Fedder & Silverman to a 40,000-sf lease with an 8,000-sf additional space option at the 400,000-sf 2002 Perimeter Summit office building. The 18-story tower scheduled to open in February in suburban north Atlanta near Interstate 285 and Ashford-Dunwoody Road.

Hines vice president/Atlanta John Heagy couldn’t be reached at GlobeSt.com’s publication deadline to learn the aggregate value of the transaction or when it will close. But area brokers familiar with the I-285 submarkets tell GlobeSt.com on condition of anonymity the lease will be for at least $8 million based on a 10-year term at an average $20 per-sf-rent. Atlanta-based Richard Bowers & Co. research puts the average asking third-quarter class A average asking rent in the I-285/GA 400 submarket at $23.63 per sf.

If the Reznick Fedder deal is done, the firm plans to move its 120 employees from Premier Plaza II in October. The lease would bring the occupancy of the estimated $60 million building to about 12%. The first tenant, SouthTrust Bank, will be taking 5,000 sf.