Nearly 35,000 SF Come Off the Market in Midtown, Downtown

Houston-based Hines has closed two 10-year leases totaling 20,700 sf valued at an estimated $3.84 million at its under-construction $134-million 1180 Peachtree building in Midtown. The new leases bring the 670,000-sf building's occupancy to 78%, Hines project manager John F. Robbins tells GlobeSt.com. The building's average rent range on a net basis is $19 per sf to $22 per sf.

Colonnade Properties LLC of New York has added a five-year, 14,056-sf tenant to its North Tower in Peachtree Center Downtown in an estimated $1.26-million lease. That lease, signed by the Family Connection Partnership, brings the 303,787-sf North Tower at 235 Peachtree St. to a 56.8% occupancy level, Kirk L. Diamond, senior vice president, Carter, tells GlobeSt.com. Locally based Carter negotiated for the tenant.

At the 1180 Peachtree building, scheduled for completion in March 2006, Roark Capital is taking 9,700 sf on the 25th floor of the 41-story building. Rabobank International is taking 11,000 sf on part of the 22nd floor. Roark is relocating from the Proscenium Building. Rabobank is moving from One Atlantic Center.

The anchor tenant at 1180 Peachtree will be the Atlanta law firm of King & Spalding LLP which has signed a 15-year lease for 416,000 sf on 17 floors, including the top 14 floors. The estimated value of that lease is $118 million, area brokers familiar with the Midtown submarket tell GlobeSt.com.

Hines and Carter representatives declined to disclose the actual value of the newly signed leases. The King & Spalding lease is the largest office lease signed in metro Atlanta in recent years, as GlobeSt.com previously reported.

Other tenants at 1180 Peachtree are Earnest Partners, an investment firm, 17,000 sf; and restaurateur Bob Amick, 13,000 sf. Robbins projects 1180 Peachtree could be 100% leased when the construction phase is completed in six months.