GlobeSt.com reported in July that the company, formerly known as Triarc Cos. Inc., sought to expand its lease at Technology Park Atlanta after acquiring Dublin, OH-based Wendy's International Inc. for $2.3 billion earlier this year. The expansion was needed to combine Arby's and Wendy's support operations within the same building.
Gov. Sonny Perdue heralded the Wendy's/Arby's support center expansion, saying the company expects to invest $3.5 million and relocate more than 120 jobs to Atlanta from Ohio. "Georgia continues to offer a healthy business environment and an outstanding customer service ethic that helps companies like Wendy's/Arby's Group thrive and expand in our state," Perdue said in a release.
The lease expansion is a welcome boost to the Central Perimeter submarket, one of Atlanta's largest office submarkets with nearly 15% vacancy through the third quarter, just one percentage point below the metropolitan average, according to Cushman & Wakefield. One local broker termed the transaction as a "bellwether deal" for the Atlanta office market.
CB Richard Ellis brokers John Shlesinger, Sam Holmes and Anne Lofye represented Wendy's/Arby's in negotiating the lease expansion, while Bryan Heller and Peter McGuone of TPA Realty Services LLC represented building owner AEW Capital Management LP. The Development Authority of Fulton County and the Georgia Department of Economic Development also assisted with the expansion.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- 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
*May exclude premium content© 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.
