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Nova Leases 75,000 SF at Concourse

ATLANTA-Cousins Properties Inc., which leases the 2.1-million-sf Concourse Corporate Center in north Atlanta for New York-based Teachers Insurance and Annuity Association, has closed 500,000 sf of new leases, expansions and renewals through November.

By Alex Finkelstein | Updated on December 11, 2003

ATLANTA-In an office leasing environment that has an average vacancy level of 22%, Cousins Properties Inc. has closed 500,000 sf of new leases, expansions and renewals through November at the 19-year-old, 2.1-million-sf Concourse Corporate Center owned by New York-based Teachers Insurance and Annuity Association.

The newest lease is with Nova Information Systems Inc. which is taking 75,000 sf and consolidating its staff from 219 Perimeter Center. The lease represents an expansion of 37,000 sf for Nova. Locally based Cousins declined to disclose the length or aggregate value of the lease. However, area brokers intimate with the north Atlanta submarket tell GlobeSt.com the transaction is probably for 10 years. The quoted gross rent at the Concourse is $21 per sf.

The Nova transaction is the third largest leasing deal at Concourse this year and brings occupancy at the office campus to 70%, says David Shope, leasing director for the five-building complex which has been completed in phases from 1984. During the summer, T-Mobile renewed 127,000 sf in Building 1 and 4 and MCI renewed its lease for 131,000 sf in Building 6. Although the buildings are numbered one through six, Building 3 hasn’t been built yet.

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