The firm will also occupy the 27th floor on a lease aggregately valued at $10 million, according to Studley which negotiated for the tenant. The average asking gross rent range in the building is $26 to $28 per sf. The deal marks the fourth transaction the Atlanta office of New York-based Studley has completed for the law firm. The transaction took about three months to complete, from contract signing to closing, Studley executive vice president and branch manager Andrew Lechter, tells GlobeSt.com.
The tenant never considered other locations for its expansion, Lechter says. The deal was done at this time because the law firm "anticipates tremendous growth" in the metro area, the broker says. The firm's staff totals 70. Stites & Harbison moved into SunTrust Plaza in 2003. "Their [10-year] lease had eight years to go," Lechter says.
Studley has been working with Stites & Harbison in Atlanta since 2002. "From the start, we knew Stites & Harbison would experience incredible growth in Atlanta and they have, in fact, achieved just that over the past three years," Lechter says.
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