Current class A rents in this suburban submarket, 25 miles east of Downtown Atlanta, are $15.50 per sf. The deal is one of the largest in metro Atlanta this year.
Gazelle Co. of Palo Alto, CA purchased the six year-old building at an undisclosed price when the Douglas County Development Authority refinanced government bonds the building's previous owner, Abrams Industries Inc., used for financing.
Gazelle assumed those bonds and offered AT&T lease space. The building sold for $45 million or $180 per sf in December 1999, according to county real estate records.
AT&T is investing $12.5 million in improvements to the building at $500 per sf, Mike Dvorscak, vice president of the William B. Hare Co., tells GlobeSt.com. Hare represented Gazelle in the purchase of the building which can grow by another 100,000 sf, Dvorscak says.
AT&T is considering subleasing some of the 250,000 sf to customers, according to the company's prepared statement. Cushman & Wakefield Inc. represented AT&T in the leasing deal.
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