Bowers Adds Executive Suites to 260 Peachtree St.

The only other comparable Downtown short-term office provider is Crown Executive Suites with about 12,000 sf of rentable space, area brokers tell GlobeSt.com.

The 10-year, $5.5-million leasing transaction was orchestrated by Richard Bowers & Co. executive vice president Mike Shelly and brokers George Smeltzer and Donnie Miller. Buddy Hill and Allen Brown of Advantis Real Estate Services Co. represented Interactive which was scoping sites Downtown and Midtown.

"I've known Buddy and Allen for sometime and they knew what [space] we had available so they made the very best deal for their client," Shelly tells GlobeSt.com. "Not only does Interactive's executive office suites serve the immediate needs of our tenants and Downtown businesses, but they provide an opportunity for small start-up businesses needing very little space to enjoy the amenities and sophistication of a class A office building in metro Atlanta's most powerful central business district."

Interactive is reviewing plans to rent the short-term executive office space by the square foot, week or month. The lease brings the 27-year-old building to 78% occupancy. When Shelly and his team took over the leasing assignment two years ago, occupancy was 4%.

The leasing deal also brought the building owner additional business for its interior design subsidiary, Facilitec. Interactive contracted with Facilitec to design all of the Canadian-based company's future executive office spaces nationwide, says Dana Anderson, a Facilitec senior project manager.

In an unrelated leasing deal, Richard Bowers, president and CEO of Richard Bowers & Co. , and broker Richard Smith represented locally based Presidential Financial Corp. in an eight-year, 17,699-sf lease the commercial finance lender completed at 1979 Lakeside Parkway in suburban Tucker. The average asking base rent at Lakeside Parkway is $18 per sf.

Presidential Financial Corp. is relocating from 2300 Northlake Center Dr., also in Tucker, where it was leasing 11,400 sf. Robert Stoner, regional vice president of Capital Partners, which owns the 203,000-sf, 15-year-old Lakeside Parkway building, negotiated for his company. The lease brings the building to 98% occupancy.