Philadelphia Developer Assembles $65-Million Deal

ATLANTA—Buckhead’s booming business district and tight office market is getting a new neighbor—Two Capital City Plaza. Philadelphia-based Rubenstein & Co. plans to break ground on the 12-story, 300,000-sf tower project when the first anchor tenant signs up. That could happen within weeks, GlobeSt.com has learned.

The new four-acre venture will complement One Capital Plaza, an existing 17-story, 410,000-sf office tower on a three-acre pad. Rubenstein has been assembling the $65-million package for the past two years. Completion of Two Capital City Plaza is tentatively set for 2002.

Office rents in Buckhead, an affluent Atlanta district, are about $30 per sf range for class A space. This submarket had a 4.4% vacancy rate among its 9.2 million sf inventory in the first half, according to sources.The Two Capital City Plaza site has access to both Peachtree and Lenox roads and is adjacent to the Metropolitan Atlanta Rapid Transit Authority Station in Buckhead.