Atlanta's urban sub-markets--Buckhead, Downtown and Midtown--have experienced a great deal of over-building in the last several years, especially Buckhead. The opening of three new towers this year--Phipps Tower and 3630 Peachtree Road in Buckhead and 1075 Peachtree Street in Midtown--have helped push the Class A vacancy rate in urban markets to 26.3 percent in first quarter 2010, according to Jones Lang LaSalle research in Atlanta. In Buckhead, the Class A vacancy rate is currently 27.4 percent.

Two Alliance Center is located next door to One Alliance Center, a 553,000-square foot building, which was developed by Trizec Properties and finished in 2001. Trizec was the owner of the total development site, but the Trizec's Atlanta portfolio was sold to Tishman Speyer in 2006. The vacancy rate for One Alliance Center as of first quarter 2010 is 2.4 percent according Jones Lang LaSalle.