The value of the transaction wasn't disclosed in a prepared statement from Colliers Cauble & Co., the Atlanta-based brokerage that represented N2 in negotiations with Sentinel Real Estate Corp., the property's Atlanta-based owner.
But area brokers tell GlobeSt. the estimated value of the new five-year-lease is $2.24 million, based on an estimated $15 per s.f. rent. Quoted average office rents in the Northeast submarket are $16.85 per sf.
"This transaction gives N2 Broadband the expansion space it needs, while allowing the company to keep intact its existing networks and infrastructure," Colliers Cauble broker Rob Claxton says in a prepared statement. "It also gives Sentinel a thriving tenant with no marketing downtime. In the current suburban office market, that's not easy to find."
Colliers broker Russ Jobson worked with Claxton on the N2 deal. Chet Lacy at Richard Bowers & Co. negotiated for Sentinel.
N2 Broadband provides digital media distribution and management solutions for video-on-demand and other on-demand television services.
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