Rogers & Hardin Stays Downtown in 50,912 SF

After an 18-month search, the lawyers have decided to remain at their headquarters site in the 200 block of Peachtree Street for another 10 years. They added 11,912 sf to their existing space of 39,000 sf in a lease aggregately valued at an estimated $9 million. The lease brings International Tower up to 75% occupancy for New York-based owner Colonnade Properties LLC.

"The rumors of Downtown's demise are not true," says Rogers & Hardin partner Steve Leeds. "We reviewed our options in Downtown and Midtown and concluded that we'd stay Downtown rather than move."

Leeds says, "First of all, access into and out of Downtown is superior, and that's a positive for both our lawyers and our staff. Also, the amenities within Peachtree Center are far superior to the amenities of any other location we looked at."

Craig Flanagan, senior vice president of Colonnade Properties, represented his firm in the lease transaction. Bert Sanders and Monty Harris of Newmark negotiated for Rogers & Hardin. The lease also brings the 2.55-million-sf Peachtree Center to an overall occupancy level of 75%.

"Peachtree Center's leasing momentum indicates a strengthening office market that, hopefully, we can maintain throughout 2005 and into 2006," Flanagan says. "Current and potential tenants are looking at Downtown Atlanta and Peachtree Center with a renewed interest as a result of Downtown's amenities, value and access, as well as residential growth and coming attractions such as the new World of Coca-Cola Museum and Georgia Aquarium."

Flanagan and his partner, Baron McMillen, closed office leasing deals totaling 92,867 sf at Peachtree Center in the first quarter. New tenants included SP Newsprint, 18,413 sf, represented by Russ Jobson at Colliers Cauble; Merrick & Co., 6,335 sf, represented by William E. Baldwin III and Edward Bosbyshell of Liberty-Greenfield and Edward Bosbyshell LLC respectively; and Real Estate Management Services Group LLC, 1,697 sf.

Renewals included KBC Bank, 4,163 sf, represented by Richard Bowers of Richard Bowers & Co.; Wilson & Epstein, 2,666 sf; and Glover & Associates, 3,366 sf. The average asking gross office rent at Peachtree Center is $18.50 per sf.

In a separate transaction, the 134,023-sf Mall at Peachtree center has added two new retail tenants. ChrisMore, a jewelry and art gift retailer, is taking 1,206 sf. The Fan's Wear, specializing in sportswear and sports memorabilia, has leased 1,000 sf.

Peachtree Center, owned by Colonnade since 1998, is comprised of six high-rise office towers, a three-tiered mall with 70 shops and eateries, and a 73,500-sf athletic club in the center of Downtown.