Carter declined to disclose the lease's aggregate value because of a confidentiality agreement with the tenant. However, area brokers familiar with the submarket at the building's location, 4401 Northside Parkway, tell GlobeSt.com the lease was probably closed at an effective rent of $20 per sf. That would place the estimated aggregate value of the 30,265-sf addition at $6 million, area brokers tell GlobeSt.com. A Carter representative tells GlobeSt.com the average gross asking rent is $27 per sf.
Wachovia needed the additional space after merging with locally based insurance brokerage Palmer & Cay in May 2005. The company will occupy the new space in March, says John Zintak, a senior vice president with locally based Carter. The deal took about four months to complete, from letter of intent to closing.
Zintak calls the leasing deal "an important transaction for Post Properties as it brings the occupancy level to 98% and secures the tenancy in the building for years to come." He says One Riverside was "one of Atlanta's first mixed-use developments and offers a unique environment and a wide variety of amenities."
Zintak negotiated the lease for Post Properties. David Demarest and Carla Williams of Cushman & Wakefield of Georgia Inc. represented Wachovia.
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