Two new leases have brought the combined occupancy level at the 362,000 campus to 66%. Sterling Pointe I at 301 Perimeter Center North is 50% leased. Sterling Pointe II at 303 Perimeter Center North is 82% leased. Each building has 181,000 sf of rentable space at an estimated effective rate of $18 per sf, area brokers intimate with the Perimeter submarket tell GlobeSt.com.
Taking new quarters at the Sterling Point complex are Coastal Administrative Services LLC of Washington, DC with 24,913 sf at Sterling Pointe II. InView, a locally based vision correction surgery firm, is leasing 17,533 sf at Sterling Pointe I.
An Equity Office representative tells GlobeSt.com. the company's policy prohibits her from disclosing rent, leasing and contract value information. But Atlanta brokers who work the Central Perimeter area daily say both leases are for an estimated five years.
That would make Coast Administrative Services lease value at about $2.2 million and the Inview aggregate rent value at about $1.6 million for a combined estimated lease value of $3.8 million. "The activity is increasing in Central Perimeter and a large portion of the existing prospects are landing at Sterling Pointe," says Don Huffner, senior vice president of Equity Office's Atlanta region."
But that wasn't happening until about 18 months ago, Huffner concedes. Since that time, Equity Office has leased a total 200,000 sf at the two buildings, he says. Sterling Pointe I was built in 1985 and renovated in 1999. Sterling Pointe II was constructed in 1989 and renovated in 1999. Equity Office leases and manages both properties located at the intersection of Georgia 400 and Interstate 285, across from the nearly 1.5-million-sf Perimeter Mall on Ashford Dunwoody Road.
Dale Lewis of Carter Co. in Atlanta negotiated for Coastal Administrative Services. Travis Jackson of Cushman & Wakefield of Georgia Inc. negotiated for InView. David Lanier, managing director of leasing at Equity Office, represented his firm in both transactions.
Locally based Colliers Cauble Co. estimates the 65 class A buildings totaling 17.6 million sf in the Central Perimeter submarket have an overall vacancy level of 29.5% and a direct vacancy mark of 25.2%. Net absorption in the second quarter was 317,210 sf. The average asking base rent is $20.97 per sf. Colliers Cauble estimates the volume of vacant space in this overall submarket is 5.2 million sf.
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