Not even six months old, the 210,000-sf Technology Square Research Building, part of Kim King Associates' 1.1-million-sf Centergy One office complex, has signed the Georgia Department of Industry, Trade and Tourism to a 30,000-sf lease for an estimated 10 years at an estimated aggregate effective rent of $6 million. The state agency will be moving into its new quarters by July.
Also planning to relocate to the building this summer is MEAG Power Co. Another prominent utility player, Georgia Power, is negotiating for an undetermined amount of space for its economic development division. Also considering moving to the strategically located property is Georgia EMC, which also provides electricity throughout Georgia.
"Tech Square is coming together as a haven for economic development divisions of major companies," a Midtown office broker who is also working on one of the deals tells GlobeSt.com. "It's a great marketing lever."
The first phase of the Centergy One complex, opened in October, will have a total 50,000 sf of retail in both the 700,000-sf Centergy One Building and the 210,000-sf Technology Square structure. When completed, the entire Centergy development will have 2.5 million sf of class A office, retail and residential space, according to Cushman & Wakefield of Georgia Inc.
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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