ATLANTA-Transwestern’s Atlanta office just scored a trio ofoffice-building lease assignments in two states. Miami-basedParmenter Realty Partners has named Transwestern the exclusiveleasing agent for three office properties in Atlanta and Richmond,a portfolio totaling 804,226 square feet.

The three assignments include Gwinnett Commerce Center, a213,563-square-foot office building in Atlanta, the SunTrustCenter, a 458,229-square-foot office building in Richmond, Va., andthe Mutual Building, a 132,434-square-foot office property also inRichmond. Transwestern Director Greg Frankum and Senior VicePresident Matt Spickard are the exclusive agents for the officebuildings.

“We were impressed with our new team’s approach to help us meet ourgoals,” says John Davidson, southeast regional director andmanaging partner with Parmenter Realty Partners. “We get thebest of both worlds in several ways, in that there’s consistencyand familiarity with Greg and Matt but also enhanced marketing andsupport that will help grow the Parmenter brand while promoting ourassets in Atlanta and Richmond.”

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Frankum and Spickard managed Gwinnett Commerce Center when theywere at CB Richard Ellis. The duo transitioned to Transwestern inmid-July. “We talked to Parmenter about keeping the assignment,”Greg Frankum tells GlobeSt.com. “The client liked the Transwesternapproach, which focuses more on marketing the property thanmarketing the firm, and not only gave us Gwinnett but also the twoRichmond buildings.”

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Gwinnett Commerce Center is located at the intersection of I-85and Pleasant Hill Road. The class A building is minutes fromGwinnett Place Mall, Discover Mills, and The Forum Shops. It isabout 85% occupied. But Frankum and Spickard may not be able driveoccupancy much higher in the short-term.

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Gwinnett Commerce Center was built in 1988, and Andrew Lechter,executive vice president and branch manager in Atlanta withStudley, tells GlobeSt.com that older class A buildings in Atlantaare running at vacancy rates of 20% or more. Although GwinnettCommerce Center is performing well in the current market, it maytake time to drive occupancy up to the mid-90s.

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“The good news for landlords is there are lease deals gettingdone,” Lechter says. “The bad news is many landlords aren’t makinga dime after all the concessions. I don’t see the market gettingsofter, but I think the vacancy rates are going to remain steadyfor the foreseeable future. The better space will lease first.”

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