The four-story building at 13560 Morris Rd. was previously 25% occupied. Orix bought the building from Alltel for $40 million or about $75.47 per sf, as GlobeSt.com reported July 14. Alltel had been the building's sole tenant since it was constructed in 1999.

An Orix representative declined to disclose to GlobeSt.com the length and value of each lease because the company "doesn't comment on lease terms." However, area brokers familiar with the Alpharetta class A office submarket tell GlobeSt.com each lease was probably for 10 years at a gross rent of $18 per sf. That would give the Infor lease an estimated aggregate value of $20 million and the Alltel lease an estimated value of $23 million. The building's average asking gross rent is $18.50 per sf, including utilities. Infor is consolidating several Atlanta area office quarters and will relocate 400 workers to the Morris Road building when it takes occupancy in March.

The transaction took three months to complete, from contract signing to closing. Infor considered other properties before deciding on the Morris Road building but went with the Orix property "because of the growth potential the building allows," says David R. Brown, president and CEO of Orix. The building has 255,000 sf of contiguous space available for lease.

Brown calls the Alltel building purchase "a strategic acquisition" for his firm because it "presented an exceptional opportunity to reposition a high-quality asset to meet market needs." He says "the building's location in one of the highest growth office markets in metropolitan Atlanta appeals to corporate tenants who want lower occupancy costs, close proximity to a strong housing market and well-educated workforce, and great area amenities." The building sits on a 67-acre campus with 20 acres available for additional development of office or residential product.

Neal Jernigan and Perry Ellison of Atlanta-based Crossley, Jernigan & Ellison represented Orix in the lease negotiations. Bill Leonard of Atlanta's Wm. Leonard & Co. negotiated for Infor. Orix is a subsidiary of Dallas-based Orix USA whose parent is Orix Corp., a Tokyo-based financial services company.