Cushman & Wakefield brokers Samuel B. Hollis Jr. and Kenneth R. Ashley represented the bank in its 15-year lease. The lease has an estimated aggregate rent value of $12 million based on an average effective base rent of $20 per sf, according to Downtown area brokers. James Phillpott, C&W's media relations officer, couldn't be reached to confirm the lease value.
About 100 bank employees are expected to relocate to the firm's new space on the entire ninth floor and half of the eighth floor, according to James Rager, vice chairman of RBC Financial Group, the parent of Royal Bank of Canada. The bank is also constructing a ground-floor retail branch in the building.
The bank made the move to become more visible to the local business community. C&W estimates 350,000 commuters pass Centergy One daily. Royal Bank bought Security First Network in 1998 and purchased Eagle Bacshares, parent of the 14-branch Tucker Federal Bank in 2002.
The first phase of the Centergy One complex, completed in September, includes Georgia Tech's 210,000-sf Technology Square Research Building and a total 50,000 sf of retail in both buildings. When completed, Centergy will contain 2.5 million sf of class A office, retail and residential space, according to C&W.
Kim King Associates and Gateway Development Services Inc. developed Centergy One. The University Financing Foundation Inc., a nonprofit, Kennesaw, GA-based group affiliated with Georgia Tech, owns Centergy One.
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