Locally based developers Weaver & Woodbery Real Estate and Urban Realty Partners are contracting with the Atlanta office of Insignia/ESG to lease the property.
The developers could not be reached at GlobeSt.com's publication deadline to determine projected average asking rents. But a new study by Atlanta-based Richard Bowers & Co. shows second-quarter, average class A rent in the 12 million-sf Midtown submarket is $24.17 per sf. Midtown occupancy is 92.75% with 874,379 sf of vacant space and a net absorption of 201,563 sf.
The developers broke ground on Puritan Mill in March and expect to finish the project at year end. Area construction industry estimators tell GlobeSt.com the estimated hard cost of the job is $10.6 million or about $125 per sf.
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