The new leases total 21,977 sf, have an estimated aggregate value of $3.32 million and run the tenant roll to 16 for a total 427,678 sf leased to date. F. Denver McGarey, president, the McGarey Group, Atlantic Station's exclusive national retail leasing firm, says retail space goes for an average asking rent of $30 to $40 per sf, based on location. Restaurant space ranges from $35 to $45 per sf.

New tenants, leasing for an estimated five years, include three divisions from Columbus, OH-based Limited Brands Inc. They are Victoria's Secret, taking 7,425 sf at an estimated total rent value of $1.1 million; Express, taking 9,261 sf at an estimated aggregate value of $1.4 million; and Bath and Body Works, taking 3,666 sf at an estimated rent value of $549,000.

The fourth new tenant is New Orleans-based PJ's Coffee and Wine Bar, taking 1,625 sf at an estimated total rent of $284,375. Atlantic Station LLC, the project's owner, doesn't disclose individual lease lengths or their aggregate values. However, local retail brokers intimate with the project tell GlobeSt.com the average retail lease length at Atlantic Station so far has been five years.

Bob Powell and Denver McGarey, both of the McGarey Group, represented Atlantic Station LLC. Stuart Nelson of the Shopping Center Group negotiated for Limited Brands. On the PJ lease, Tracy Lojek, in-house broker at Atlantic Station, represented the owner. Dan Reed of PJ's represented his company.

Continue Reading for Free

Register and gain access to:

  • Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
  • Educational webcasts, white papers, and ebooks from industry thought leaders
  • Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
NOT FOR REPRINT

© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.