Cousins Plans 500,000-SF Buckhead Office-Retail Tower

The estimated $125 million, 31-story, 500,000-sf structure will have 450,000 sf of office and 50,000 sf of retail on a 10-acre site in the center of Buckhead's financial district at Peachtree and Piedmont roads. About 43% of the 450,000 sf of office already is preleased, says Cousins president and CEO Tom Bell.

Bain & Co., CB Richard Ellis Inc. and Cousins have signed conditional leases for approximately 140,000 sf. "With a fourth tenant, who has asked to be unnamed at this time, we have approximately 215,000 sf committed," Bell tells GlobeSt.com.

The development cost of the project is still being determined but "you can be certain it's north of $100 million," Bell says. Area brokers tell GlobeSt.com the venture will be going up at an estimated hard cost of $250 per sf. The building is part of an evolving 10-acre master plan that will eventually include additional office, retail and residential structures.

"This is where a developer likes to be--starting the first building after a downturn, rather than the last one during a boom," Bell says. "The Peachtree at Piedmont location is one of the last irreplaceable corners in Atlanta and deserves a project that makes a substantial impact on both the skyline and the street."

Bell adds, "Our approach--a mix of office, retail and eventually residential--will do exactly that. In addition, the early commitments from Bain and CBRE ensure the client roster will be just as impressive as the physical structure."

Alan Colberg, managing director of Bain & Co.'s Atlanta office, says his company "chose a Buckhead location in 1996 because of the live-work-play atmosphere here, and this project brings all of those components together on one site." Colberg adds, "In 2007 (when the tower is completed), Bain will have completed its first decade in Atlanta and moving into the area's premier office tower will be a great way to mark that occasion."

Scotland Wright of Scotland Wright & Associates is representing Bain. CBRE's John Shlesinger, Sam Holmes and Anne Lofye are negotiating for CBRE. Tad Leithead, Walter Fish and Scott Rees of Cousins are representing their company.

Durham, NC-based Duda Paine Airchitects is the design architect for the project. Duda Paine's previous work with Cousins includes Gateway Village in Charlotte, NC and Frost Bank in Austin, TX.