The law firm occupies about 210,000 sf on 10 floors at the 55-story, 1.3-million-sf Bank of America Plaza tower at 600 Peachtree St. NE., the city's tallest office structure. But Troutman Sanders is growing quickly and may need about 300,000 sf before 2007, brokers who closely follow the Downtown office market tell GlobeSt.com. The firm also is looking for an additional 100,000 sf for further near-future expansion.
"This is a situation where the law firm's lease could be bought out before its expiration date by the owner or developer of a new building or even by principals at an existing building," a Midtown broker who may be involved in future negotiations on the deal tells GlobeSt.com.
Scouting for 400,000 sf could mean Troutman Sanders may wind up leaving Downtown for Midtown or even Buckhead where new office construction is under way on several projects, brokers tell GlobeSt.com. If that scenario emerges, Troutman Sanders would be following two other major law firms which will be leaving Downtown shortly for new quarters in Midtown.
For example, King & Spalding has leased 440,000 sf at Hines Co.'s 41-story, 681,000-sf tower under construction at Peachtree and 14th streets, as GlobeSt.com previously reported. The building, which will have 656,000 sf of office and 25,000 sf of retail, is expected to be ready for occupancy in December 2005.
The 500-lawyer Powell, Goldstein, Frazer & Murphy 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. King & Spalding and Powell Goldstein are both moving from the 14-year-old, 1.2-million-sf, 50-story Peachtree Tower at 191 Peachtree St. NE, as GlobeSt.com previously reported.
Coincidentally, the Peachtree Tower could accommodate Troutman Sanders' near future needs, brokers tell GlobeSt.com. So could any new office tower planned for the 132-acre Atlantic Station mixed-use redevelopment in Midtown, they add. "If the right deal came along, the developers at Atlantic Station could consider custom-building a home" for Troutman Sanders' expansion needs, a broker familiar with both the Downtown and Midtown markets, tells GlobeSt.com.
Meanwhile, the 102-lawyer Hunton & Williams, another tenant at Bank of America Plaza, could also be considering new quarters when its lease ends in May, brokers tell GlobeSt.com. Hunton & Williams occupies 92,000 sf at the bank building which is co-owned by Bank of America and locally based Cousins Properties Inc.
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