Strategic Property Fund, managed by J.P. Morgan Asset Management of New York City, broke ground on the 225,000-sf building in February. The leasing agent for the Falls at Sanctuary Park, the local office of Jones Lang LaSalle, expects completion by January 2003.
Richard Knowlton, senior vice president/regional leasing director at Jones Lang LaSalle, tells GlobeSt.com that 35% of the building (75,000 sf) is preleased. He wouldn't disclose the anchor tenant's name, terms of the lease or construction costs.
Area construction industry estimators tell GlobeSt.com on condition of anonymity the building is going up at an estimated hard cost of $150 per sf or a total $33.75 million. Full-service rentsare expected to be in the $22 per-sf to $24 per-sf range.
The structure will be the first building in north Fulton County to offer covered parking and full-service amenities at Sanctuary Park. The office park is located on the west side of Georgia 400 between Mansell Road and Haynes Bridge Road in north Fulton County.
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