In early April, Tishman Speyer, the owner of the building,signed an 100,000-square-foot lease with Novelis, Inc., an aluminumroll products and aluminum can recycling company. The Novelis dealfollows two other significant leases at the property, an125,000-square-foot lease to global insurance company Marsh &McClennan in late 2009, and, more recently, a 30,000-square footlease to Turner Construction Company.

Atlanta's urban sub-markets—Buckhead, Downtown and Midtown--haveseen a great deal of over-building in the last several years,especially the Buckhead sub-market. The opening of three new towersin 2010-Phipps Tower and 3630 Peachtree Road in Buckhead and 1075Peachtree Street in Midtown—helped push the Class A vacancy rate inurban markets to 26.3% and in Buckhead to 27.4%, as of the end offirst quarter 2010 according to Jones Lang LaSalle research.