The deal is being done at this time because Per Se's five-year renewed lease is expiring at Cumberland Office Park and also because the current market favors tenants in making favorable rent and tenant allowance deals with landlords, area brokers tell GlobeSt.com. Seven-year-old Lake View II is at 1145 Sanctuary Parkway.
"We believe our employees will enjoy the new office park setting and all its amenities in Alpharetta," says Per Se chairman, president and CEO Phil Pead. "The move will also be more cost-effective for our company." The North Fulton class A office market is about 20% vacant, according to second-quarter statistics from Richard Bowers & Co.
Per Se was considering other locations besides Sanctuary Park, Carter representatives tell GlobeSt.com. Carter brokers Kirk L. Diamond and Brad Haertel negotiated for Per Se. Ridr Knowlton of Jones Lang LaSalle represented the owner, JP Morgan Fleming Asset Management, a division of JP Morgan Chase & Co.
LaSalle leases and manages the five-building Sanctuary Park in this Atlanta suburb. The Carter brokers wouldn't disclose the current occupancy at Lake View II, but area brokers who have done deals there tell GlobeSt.com the building is about 75% leased.
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