"This facility better suited their needs," says Jeff Kelley, vice president and principal with Colliers Spectrum Cauble, who represented LSI in the deal along with Bob Ward, senior vice president and principal, and Pete Shelton, vice president. "They had grown over time and added space piecemeal [at North Belt]. This new facility gave them an opportunity to reconfigure." Gwinnett Corporate Center owner, Dexter Cos. LLC, was represented by Allan Anderson.

Gwinnett Corporate Center VIII is a class B building that was completed in 2001, and is part of the 115-acre development which includes office, distribution, light manufacturing and warehouse facilities. LSI chose the new building because they could utilize the existing infrastructure, says Kelley "It was a mutually beneficial situation for both LSI and Dexter," he tells GlobeSt.com, adding that the client did not wish to comment further about the space.

According to CoStar's mid-year Atlanta office market report, average rental rates in the Northeast submarket for class B space is $16.29 gross. LSI's office relocation was within this submarket, which has about an 18.7% vacancy rate with a negative absorption rate of 93,162 sf.