Law Firm Renews 156,636-SF Lease

ATLANTA-Smith, Gambrell & Russell LLP, an Atlanta-based law firm celebrating its 110th anniversary this year, has decided to remain in Midtown at its Promenade II quarters for another 18 years, according to Equity Office Properties Trust of Chicago.

Equity jointly owns the 13-year-old, 38-story, 774,344-sf building with a fund managed by Atlanta-based Lend Lease Real Estate Investments. The renewal keeps the building at 96% occupancy.

The value of the lease wasn’t disclosed because Equity “doesn’t disclose financial terms of any of our transactions,” Paige Steers, public relations manager for Equity, tells GlobeSt.com. Area brokers tell GlobeSt.com the effective Midtown class A rent is about $21 per sf. That would give the 18-year lease an estimated aggregate value of $50 million.