The leasing deal is expected to be completed by June 15, brokerage sources familiar with the transaction tell GlobeSt.com on condition of anonymity.
Crescent officials confirm the deal is imminent but will not identify the tenant until the deal is done. Brokerage sources tell GlobeSt.com the estimated value of the lease is in the $25 million range, based on a 10-year contract.
The Cobb Tower site is at Interstate 75 and Cumberland Boulevard. Crescent expects to initially finance the project itself but if the leasing deal craters, Cobb Tower will not be built, brokerage sources tell GlobeSt.com.
Atlanta currently has a 2.5-year supply of class A office product, according to various brokerages who monitor new construction monthly.
Urban Land Institute of Washington, D.C. cautioned developers that Atlanta is among a half dozen major overbuilt office markets which should be avoided for the near term. GlobeSt.com reported that story May 10.
Two high-rise office building currently under construction are Galleria 600, an 18-story, 432,000-sf, $65 million at the Galleria, and One Overton Park, a 15-story, 380,000-sf, $57 million structure at Interstate 75 Cumberland Boulevard, where Crescent's Cobb Tower is also planned.
Until the Cobb Tower project, Crescent's portfolio has been dotted with mostly four-story and six-story mid-rise ventures. This is the developer's first foray in the high-rise field.
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