Occupancy Reaches 93% at Lakeside Commons

Led by CBRE first vice president Tom Miller, the brokers negotiated five leases totaling 47,200 sf aggregately valued at $7.8 million for Boss Properties, the locally based owner of the assets. The deals boosted the occupancy level from 84%.

Average asking base rent range at Lakeside Commons is $21.50 to $22.50 per sf. The leases were in the five-year to eight-year range. Boss bought the properties in a partnership with New York-based Lehman Brothers in 1998.

In a submarket where the class A vacancy hovers at the 25% level, Miller tells GlobeSt.com, "Our deals show the price tenants are willing to pay to be in a quality asset, surrounded by quality tenants, such as the headquarters space for Porsche Cars North America."

Aramark Services took the largest block of space, 23,500 sf. Dan Rose and Kirk Diamond of Carter represented Aramark. Alcatel USA Marketing leased 11,000 sf and was represented by Gary Waddell of Cushman & Wakefield of Georgia Inc. Whiting-Turner Contracting Co. is occupying 6,800 sf after closing on a lease negotiated for the firm by Ken Ashley of Cushman & Wakefield. Neopost Inc. signed a 4,100-sf leased and was represented by Chad Burd and David Nixon of CBRE. LGR Telecommunications Inc. represented itself in a lease for 1,800 sf.

"After thoroughly reviewing several alternatives, these new tenants concluded that Lakeside Commons was the preferred location for them, based on the property's convenient location and its outstanding roster of tenants," Miller adds.

One Lakeside Commons, built in 1986, is located at 990 Hammond Dr. Two Lakeside Commons, built in 1997, is at 980 Hammond Dr.