Carr declined to disclose the estimated value of the lease. But area brokers familiar with the I-75 and I-285 office submarkets tell GlobeSt.com SITA's base rent would be at least $20 per sf, or a total $22.9 million, over the life of the lease.
Carr identifies SITA as "the world's leading provider" of global information and telecommunications solutions to the air transport and related industries. SITA has been a tenant since 1989.
David Demarest and William Propst of Cushman & Wakefield of Georgia Inc. negotiated for SITA. Carr's Scott Rees represented the building owner. The SITA lease brings Cumberland Center II's occupancy to 88%. The property has about 50,000 sf left to lease, area brokers tell GlobeSt.com.
Carr Real Estate Services Inc. is a subsidiary of Washington, DC-based CarrAmerica which previously announced it was exiting the metro area office market after a six-year run. The company has its 11 local buildings totaling 1.6 million sf on the market, to be sold either as a package deal or separately, brokers in a position to know tell GlobeSt.com. Cumberland Center II is not owned by CarrAmerica.
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