NewEnergy is adding 8,000 sf to its existing 32,000-sf quarters. Siemens Information and Communications plans to lease 20,000 sf. Locally based BOSS Properties, which manages the 17-story, 72%-leased building at 400 Interstate North Parkway, wouldn't disclose the length or value of the deals. But brokers intimate with the northwest submarket in Cobb County tell GlobeSt.com the Siemens existing lease, the renewal and the planned April lease are for an estimated five years each.
Locally based Bullock Mannelly Partners Inc. research shows average quoted rents in the northwest submarket are $21 to $22 per sf. BOSS says average asking base rents at Platinum Tower are $20.50 per sf to $21.50 per sf. That would make the estimated value of the 8,000-sf Siemens expansion about $840,000 and the planned April lease about $2.1 million, area brokers tell GlobeSt.com.
Factoring in Siemens' existing 32,000 sf for five years at $21 per sf, area brokers estimate the total lease value of the Siemens presence at Platinum Tower will be in the neighborhood of $5.5 million. That number makes the Siemens leases among the largest office deals planned or completed so far this year, northwest submarket brokers tell GlobeSt.com.
"We are writing a new chapter about Platinum Tower which spotlights the progress of the building, its prime location and now enviable position in the marketplace," BOSS Properties partner Dwight Bell says in a prepared statement. "We are confident Platinum Tower will be leased back up to full occupancy and its class A image completed restored." He adds, "The momentum and tenant interest we are seeing is very encouraging."
The 27.3 million-sf, 304-building northwest submarket, largest in the metro area, will need that encouragement, brokers say, since estimated occupancy in that region is 21%, according to the local office of Colliers Cauble.
"In many ways, the northwest Atlanta submarket is leading the way in cutting-edge transportation infrastructure," Bell says. "The success of the community improvement district has been measurable because public and private funds are being used the right way."
Blue Capital Investments Inc. of Hamburg, Germany owns Platinum Tower, now in the beginning of a $1.2-million interior and exterior renovation. The building's tenant roll includes Borland Software Corp., Northwestern Mutual Financial Network, The TriVeritas Group, Cognos, IrwinMortgage and ExxonMobil.
Travis Jackson of Cushman & Wakefield of Georgia Inc., represented Siemens in the lease negotiations. Bell negotiated for Blue Capital. BOSS is Blue Management Corp.'s local partner.
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
Already have an account? Sign In Now
© 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.
