Siemens Growing Platinum Tower Space to 60,000 SF

ATLANTA-Platinum Tower, a 17-year-old, 305,480-sf office building in the city’s struggling northwest submarket, is improving its tenant roll with the renewal and expansion of Siemens subsidiary NewEnergy Associates and the planned April occupancy of another Siemens division, Siemens Information and Communications Networks Group.

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.