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ATLANTA-Duke-Weeks Realty Corp., best known in the metro area for its industrial development, is pursuing the office market here. After entering the hot Alpharetta/North Fulton submarket in 1999, the Indianapolis, IN-based firm has begun another third spec office building in the same area, 25 miles north of Downtown.

Construction is under way on Northmeadow Service Center II, a spec single-story office building in the 208-acre, 1.8 million-sf Northmeadow mixed-use park along the GA 400 corridor. The building, being developed at an estimated hard construction cost of $11 million, is scheduled for completion by early summer 2001. Average area rents are $18.50 per sf to $22 per sf.

Duke-Weeks owns most of the buildings in Northmeadow. The park includes single-story office, office/showroom and distribution facilities. With the completion of Service Center II, 15 acres remain for development. The continued strength of the market, which currently has a vacancy rate of 7.7%, prompted the company to start the new project.

Duke-Weeks also has under construction in the area, Brookside Two, a 133,000-sf spec office building in the Alpharetta/North Fulton submarket. Begun this past June, the building will be completed in March 2001. Rental rates are listed at $21 per sf. The firm began Brookside Two after its Brookside One project leased up quickly. The five-story, 133,000-sf office building is currently 90% leased. Both are located in the 198-acre Brookside office park.

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