Capital Building Owners Pick Bowers to Handle Leasing

Royal Capital this year brought the occupancy at the four-year-old, class A office property to 41% in a competitive Buckhead submarket where the overall vacancy of 9.76 million sf is 16.6%, according to Colliers Cauble Co. Before Royal Capital tried its hand at leasing the building, Brannen Goddard Co. and Cushman & Wakefield of Georgia Inc. also had the assignment at separate times.

Davoudpour says he chose Richard Bowers & Co. because that firm is "synonymous in Atlanta for providing excellent service and achieving results." The owner says he is "very fond of the building, its location and the vibrancy it has added to Buckhead Village. It has become a beacon landmark for people to congregate for business and pleasure."

Leasing agents Ash Parker and Jane Young will market the property. The agents already have signed their first new tenant, J. Tucker Development LLL, a multifamily residential development firm. Tucker is taking 8,152 sf. Average gross office rent is $25 per sf; retail, $30 per sf gross.

Parker is confident the Bowers team can raise Capital Building's occupancy level shortly. "We are one of the very best options in Buckhead and the city particularly, after you factor in our free valet parking and the accessibility of having a top restaurant like the Capital Grille an elevator ride away," the broker says. "We have seen a tremendous amount of leasing activity for this space in the last month."