The local office of CB Richard Ellis brokered the lease and says Altea will be relocating its corporate headquarters and laboratory operations from the Northlake submarket in July 2007 when the building's construction is expected to be completed. A CBRE representative tells GlobeSt.com he has been instructed by tenant and owner not to disclose the value of the transaction.

However, Midtown brokers familiar with the project, tell GlobeSt.com the effective net rent will probably be about $20 per sf. That would make the estimated aggregate value of the lease $8.62 million, brokers tell GlobeSt.com. The most recent office market data from Atlanta-based Richard Bowers & Co. shows class A Midtown average asking rent at $23.44 per sf.

Altea is the first tenant to sign up at the planned 11-acre park. Georgia Advanced Technology Ventures is developing the park. CBRE officials say GATV is a 501-c3-tax-exempt organization that foster and supports education, scientific research and economic development. Georgia Tech is working with GATV on the group's mission.

CBRE officials believe the park is the first of its kind in metro Atlanta to offer emerging technology and biomedical companies a 50-50 split between office and lab space.