State Signs 30,000-SF Lease at Technology Square

ATLANTA-The 18,000-student Georgia Institute of Technology is about to welcome big-name tenants in the utilities industries to its 450-acre campus in Midtown. The magnet is the school’s Technology Square complex at Fifth and West Peachtree streets, a $256-million investment on a site that was formerly dotted with vacant lots and run-down warehouse structures.

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.