Preston Snyder, president of Wagon Works developer Braden Fellman Group Ltd., calls the transaction "an excellent fit for us." Snyder and Cullen Coogan negotiated for the developer. John Ferguson of Insignia/ESG represented the tenant.

"Our property was able to provide everything they were looking for in a space: competitive rates, a quality product, close proximity and direct MARTA access to their project site," Snyder says. He is repositioning Wagon Works as affordable Intown space with 14 foot to 16 foot ceilings, "ideal for high-tech organizations, creative service businesses, entrepreneurs and non-profit organizations."

The building is adjacent to the East Point MARTA station, and is connected to the station by a pedestrian bridge. Average asking rent is $12 per sf. The estimated aggregate value of the Daly lease is $600,000.

Braden Fellman, a 22-year-old, Atlanta-based Intown developer, is investing $6 million in face-lifting the 1895 building which was initially redeveloped in 1986-87. Occupancy is in the low 60s.

Braden Fellman looks for sites with a small-town environment and pedestrian-friendly neighborhoods. "East Point boasts these attributes, as well as the fact that the area remains tremendously more affordable than Buckhead, Virginia Highland or Decator," Snyder says.