Regent Partners broke ground on the 500,000-sf property in April and is eyeing a 2008 delivery date. The property will feature class A office, retail space and condominiums. The price tag at groundbreaking was an estimated $300 million, as GlobeSt.com previously reported.
The long-term lease brings 3344 Peachtree to 32% preleased, with 150,000 sf of leasing activity to date. Jones Lang LaSalle will relocate its Atlanta operations and 210 employees from its current Monarch Centre location to the property in April 2008, according to a joint release. JLL's move includes the relocation its transaction business including agency leasing and tenant representation, property and facility management, and the firm's regional project and development services and strategic consulting groups, as well as LaSalle Investment Management services. The company's Atlanta office also serves as the national headquarters for Jones Lang LaSalle Retail.
"Our retail business has more than doubled in the past four years with key leasing and management appointments across the country, including, Atlantic Station, Atlanta's 138-acre, mixed-use community," says Greg Maloney, president and chief executive officer of Jones Lang LaSalle Retail. "We are confident that the dynamic workplace we will have in our new location will help us continue to attract the top talent that is key to growing our business."
Chris Wasko, international director, and Tal Isbell, senior leasing director of the Southeast US region for Jones Lang LaSalle, negotiated the transaction on behalf of JLL. David Tennery, principal of Regent Partners, and Adam Allman represented the building ownership.
Although the move-in date is approximately 18 months away, the joint leasing and management venture is effective immediately. "During our discussions with Jones Lang LaSalle about their firm's leasing and growth strategies, we recognized that our companies share a commitment to high-quality leasing and management services and to expanding the successes of our operations in Buckhead," says David Allman, chairman, Regent Partners, LLC, in a statement. "We chose to expand our alliance with Jones Lang LaSalle due to the firm's expansive service offerings, which will bring a great amount of added value to our development."
JLL regional manager Linda Bolan and group manager Clint Howell will be responsible for property management. JLL's Jeff Frantz, senior leasing director, joins Tennery and Allman for office duties at 3344 Peachtree.
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