Nonprofits Lease Total 28,126 SF in Midtown

Locally based Alan Joel Partners found 20,000 sf for 10 years for AID Atlanta at the 30,000-sf, 100%-leased 1601 Peachtree St. building and 8,126 sf for five years for Prevent Child Abuse at the 330,000-sf, 88%-leased 1720 Peachtree St. building. The average asking gross rent at 1601 Peachtree is $13 per sf; at 1720, $20 per sf.

"We're always sensitive to costs when working with nonprofits," Joel says. "By taking advantage of the local competition for office tenants and more efficient utilization of space, both of these nonprofits were able to reduce their real estate costs by approximately 25%."

Joel adds, "We are not afraid to challenge traditional thinking. We create value for our clients not by relying on what worked for us in the past, but by knowing what will succeed in the future."

Joel negotiated for the Temple, owner of the three-story, 55-year-old 1601 Peachtree St. building. Jodi Selvey, vice president, Colliers Cauble & Co., represented AID Atlanta. In the 1720 Peachtree St. building lease, Joel represented the tenant. Court Thomas of Atlanta Property Group negotiated for the landlord. The Rodbell Trust of Atlanta owns the 31-year-old, nine-story 1720 Peachtree St. building.

The AID Atlanta deal took four months to complete, from contract signing to closing. The Prevent Child Abuse transaction took six months to do. AID Atlanta is relocating from 1438 West Peachtree St. which is owned by another nonprofit, Solinet, the Southeastern Library Network.