In early April, Tishman Speyer, the owner of the building, signed an 100,000-square-foot lease with Novelis, Inc., an aluminum roll products and aluminum can recycling company. The Novelis deal follows two other significant leases at the property, an 125,000-square-foot lease to global insurance company Marsh & McClennan in late 2009, and, more recently, a 30,000-square foot lease to Turner Construction Company.

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