CoreNet's prepared statement didn't disclose the value of the lease. But area brokers intimate with the Downtown submarket tell GlobeSt.com on condition of anonymity the lease has an estimated aggregate value of $2.4 million, based on an estimated $20 per-sf rent. Quoted average Downtown rents are in the $21 per-sf to $23-per-sf range.
The CoreNet statement says Atlanta was selected primarily for the proximity of Hartsfield International Airport and the local membership presence of 400 members. CoreNet is consolidating operating offices in West Palm Beach, FL, Dunwoody, GA and Norcross, GA, both suburbs of Atlanta. Regional offices in Brussels, Hong Kong and Sydney will continue to operate.
CoreNet's members manage global and national portfolio averaging $700 million in value and 2.5 million sf in size, according to the statement.
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