ATLANTA-Transwestern’s Atlanta office just scored a trio of office-building lease assignments in two states. Miami-based Parmenter Realty Partners has named Transwestern the exclusive leasing agent for three office properties in Atlanta and Richmond, a portfolio totaling 804,226 square feet.

The three assignments include Gwinnett Commerce Center, a 213,563-square-foot office building in Atlanta, the SunTrust Center, a 458,229-square-foot office building in Richmond, Va., and the Mutual Building, a 132,434-square-foot office property also in Richmond. Transwestern Director Greg Frankum and Senior Vice President Matt Spickard are the exclusive agents for the office buildings.

“We were impressed with our new team’s approach to help us meet our goals,” says John Davidson, southeast regional director and managing partner with Parmenter Realty Partners. “We get the best of both worlds in several ways, in that there’s consistency and familiarity with Greg and Matt but also enhanced marketing and support that will help grow the Parmenter brand while promoting our assets in Atlanta and Richmond.”

Frankum and Spickard managed Gwinnett Commerce Center when they were at CB Richard Ellis. The duo transitioned to Transwestern in mid-July. “We talked to Parmenter about keeping the assignment,” Greg Frankum tells GlobeSt.com. “The client liked the Transwestern approach, which focuses more on marketing the property than marketing the firm, and not only gave us Gwinnett but also the two Richmond buildings.”

Gwinnett Commerce Center is located at the intersection of I-85 and Pleasant Hill Road. The class A building is minutes from Gwinnett Place Mall, Discover Mills, and The Forum Shops. It is about 85% occupied. But Frankum and Spickard may not be able drive occupancy much higher in the short-term.

Gwinnett Commerce Center was built in 1988, and Andrew Lechter, executive vice president and branch manager in Atlanta with Studley, tells GlobeSt.com that older class A buildings in Atlanta are running at vacancy rates of 20% or more. Although Gwinnett Commerce Center is performing well in the current market, it may take time to drive occupancy up to the mid-90s.

“The good news for landlords is there are lease deals getting done,” Lechter says. “The bad news is many landlords aren’t making a dime after all the concessions. I don’t see the market getting softer, but I think the vacancy rates are going to remain steady for the foreseeable future. The better space will lease first.”

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