"Maintaining our North Fulton presence was important to our employees, but our growth plans could not be sufficiently accommodated at our current location," Michael Jones, IPG founder and president, stated in a release. The firm worked with CresaPartners in negotiating the new lease.
Northwinds II is part of the six-building Northwinds Center office park, owned by Duke Realty Corp., near Georgia 400 and Haynes Bridge Road. The six-story building has asking rents just below $20 per square foot.
"Given the economy, the timing was right to negotiate a very favorably priced lease," says Kevin Creel, principal with CresaPartners. He adds that the long-term lease includes future expansion rights.
North Fulton's office vacancy rate stands at 15.5% through the first quarter, with average asking rents of $18.33 per square foot, according to Colliers Spectrum Cauble. The submarket has experienced one of the largest increases in vacancy over the past year within the Atlanta market, mainly because of added sublease space.
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