ATLANTA-Seven metro area office buildings, previously considered for sale by their owners, are back on the table as part of separate transactions, according to a newsletter Jones Lang LaSalle is distributing to its clients.
“Stealth negotiations are now under way for a $400 million sale of seven 'off market' office buildings,” says the brokerage firm. Mark Lucas, a managing director and market leader in JLL's local office, tells GlobeSt.com “the wording of the deal in the newsletter may be a little misleading.” He says the deals are separate and not one bulk transaction.
“The properties involved were represented in transactions completed over the past 12 to 18 months,” Lucas says. “For one reason or another, they were taken off the table in 2002 and now are back on as principal-to-principal talks resume.”
In another tidbit geared for property owners, the inaugural edition of “Office Market Highlights” discloses Carmax is “rumored to be looking for 500,000 sf of corporate office space in Atlanta.”
Lucas says the aim of the new newsletter, which covers 20 national markets, is to give JLL clients “a quick overview of the markets in which they may be interested.” For more details, “they can always call us,” the broker says.
The newsletter reports Midtown Atlanta is “continuing to develop as a more desirable alternative to Downtown.” JLL cites recent decisions by leading law firms to leave Downtown. The firms are Smith, Gambrell & Russell, Holland & Knight and Arnold, and Golden & Gregory. Two other name firms, King & Spalding, and Jones Day also “will most likely relocate” from downtown to Midtown, JLL says.
In other relocations, “despite soft-market conditions,” GE plans a 400,000-sf build-to-suit for its northwest Atlanta operations, while Newell Rubbermaid will move its headquarters from Freeport, IL to a 200,000-sf build-to-suit campus in suburban Alpharetta as GlobeSt.com previously reported.
The Central Perimeter buy-sell gap continues, JLL says. “After receiving unacceptable offers in 2002, Devon Properties has decided to put Perimeter 400 Center back on the market,” the newsletter says.
And in a final nugget to clients, the brokerage firm reports the Taylor Simpson Group “has taken the creative step of separating the Marquis II building from the six-building Peachtree Center complex to put it on the market.”
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