Gables, a privately held multifamily REIT, will relocate from its current headquarters at the Overlook III building in suburban Vinings. It chose to move to Lenox because of its easy access to MARTA and Georgia 400, says Dean Giordano, senior vice president with PM Realty Group in Atlanta, which handles the building's leasing and marketing.
The Lenox Building has 350,000 square feet of class A space in 20 stories connected to Lenox Square Mall and the JW Marriott hotel. The tower is owned by one of ING Clarion's separate account pension fund clients.
Giordano says the building, which opened in 1987, has a strong reputation as a corporate headquarters site. "The owner is pleased to have a company such as Gables Residential added to the tenant roster," he says.
Gables CEO David Fitch says the Lenox Building's well-capitalized ownership makes it an attractive office option. "As a company that prides itself on offering inviting places to live with extraordinary services, we look for similar attributes in a new headquarters," Fitch says.
Asking rents at the Lenox Building range between $26 and $27 per square foot, in line with current rents in the Buckhead. The prestigious submarket enjoys the highest-priced office rents in the Atlanta metropolitan area, along with the lowest vacancy at around 14%, according to Jones Lang LaSalle.
Gables owns 72 apartment communities totaling 18,000 units and manages more than 20,000 apartments for third-party owners. Billy Hobbs and Jason Jones with CresaPartners represented the tenant in lease negotiations.
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