King & Spalding has leased 440,000 sf at Hines Co.'s 41-story, 681,000-sf tower that has broken ground at Peachtree and 14th streets. The building expects to be ready for occupancy in December 2005.
Another law firm, the 500-lawyer Powell, Goldstein, Frazer & Murphy group, also plans to vacate about 200,000 sf at two Downtown locations for new quarters at the 50-story One Atlantic Center (formerly the IBM Tower) on 14th Street in Midtown.
Mayor Shirley Franklin has unsuccessfully tried to convince the two law firms to remain Downtown, area brokers in a position to know tell GlobeSt.com. But the perception of continued street crime and a growing homeless population were factors that weighed in the relocation decisions by the two firms, Downtown office brokers tell GlobeSt.com.
King & Spalding and Powell Goldstein are both moving from the 191 Peachtree Tower. Powell Goldstein also has offices at the 230 Peachtree Building. The Hines project will have 656,000 sf of office and 25,000 sf of retail. The property will also house the Atlanta Symphony Center.
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