ATLANTA–Cousins Properties has mined a nugget in Midtown Atlanta’s tight office market. The developer has fallen into 259,000 sf of immediately available class A space in a prime location adjacent to the Midtown Marta station. Coca-Cola Co. has occupied the entire 10 Peachtree Pl. building since it was built in 1989. Now the company is consolidating divisions and plans to vacate the premises by first quarter 2001. The soft drink bottler will move earlier if Cousins has a ready tenant.

Cousins and a Coke subsidiary purchased the property in a joint venture in 1989 after Australian developer L.J. Hooker Co. declared bankruptcy and couldn’t finish the structure The joint venture completed the red granite tower. It had the ideal, long-term tenant in Coca-Cola.

Cousins is currently negotiating with three big-user tenants to take Coca-Cola’s space. With a first quarter Midtown vacancy rate of 9.2 percent versus a 10.1 percent vacancy level metrowide, Cousins is confident the space will be filled quickly. Two other non-Cousins office tower projects are under construction in Midtown, but they won’t be completed until spring and fall of 2001.

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