Lenox Financial Mortgage is leasing 29,013 sf and Amerisave Mortgage is taking 21,330 sf at the 3525 Piedmont Rd. property. Amerisave was already occupying space at Piedmont Center and decided to sign a direct lease with the buildings' owner representative when the sublease expired, officials at KBS Realty Advisors tell GlobeSt.com. Newport Beach, CA-based KBS owns and operates the 60-tenant property for an undisclosed institutional client.
KBS officials also wouldn't disclose the length and value of the leases or how long each deal took to complete, from contract signing to closing. However, Buckhead area brokers familiar with the property tell GlobeSt.com the leases were probably for five years each at an effective rent of about $19 per sf. That would place the estimated value of the two leases at $5 million. The average asking gross rent at the property is $21 per sf, KBS officials confirm for GlobeSt.com.
Brokers Chris Port and Jeff Keppen of CB Richard Ellis Inc.'s Atlanta office negotiated the leases for KBS. Phil Dunkley and Deane Stokes of Metropolitan Realty Associates represented Amerisave. Shan Morris and Mark Rosenthal of Trammell Crow Co. negotiated for Lenox Financial.
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