X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ATLANTA-Duke Realty Corp. once again is proving long-term client relationships pay off. The Indianapolis, IN-based REIT is putting Solutia Inc. of St. Louis into 18,000 sf for five years at a four-story, 93,849-sf, class A building in Duke-developed Town Point business park, Kennesaw, GA, 20 miles north of Downtown in North Cobb County.

Duke and the tenant couldn’t be reached to learn the aggregate value of the lease. But second-quarter research by Atlanta-based Richard Bowers & Co. shows the 84,965-sf, class A segment of the Interstate 75/Marietta/Johnson Ferry submarket having an occupancy of 94.2% and an average asking rent of $22.03 per sf. That would place the aggregate value of the Solutia lease at about $2 million.

Solutia is leasing at 3391 Town Point Parkway in the Northwest/I-75 corridor. Duke developed Solutia’s six-story, 260,000-sf headquarters building in St. Louis in 1999.

“Multiple market relationships are continuing to drive new business,” Kerry Armstrong, senior vice president, Duke Realty, Atlanta, says in a prepared statement.

Duke has five buildings totaling 470,000 sf at the 140-acre, mixed-use Town Point business park, one mile from the I-75/Chastain Road interchange.

In metro Atlanta, the REIT owns, manages and has under development 16.4 million sf of office and industrial product and 806 acres of land for future development. Duke Realty has a total market capitalization of $6.5 billion, making it one of the largest real estate companies in the US.

Chandler Spratlin, vice president/office leasing, Duke Realty, represented his company in the lease transaction. Jay Holland, Abba Waller and Bubba Chrismer of Trammell Crow Co. negotiated for Solutia.

Want to continue reading?
Become a Free ALM Digital Reader.

Once you are an ALM digital member, you’ll receive:

  • Unlimited access to GlobeSt and other free ALM publications
  • Access to 15 years of GlobeSt archives
  • Your choice of GlobeSt digital newsletters and over 70 others from popular sister publications
  • 3 free articles* across the ALM subscription network every 30 days
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper

GlobeSt

Join GlobeSt

Don't miss crucial news and insights you need to make informed commercial real estate decisions. Join GlobeSt.com now!

  • Free unlimited access to GlobeSt.com's trusted and independent team of experts who provide commercial real estate owners, investors, developers, brokers and finance professionals with comprehensive coverage, analysis and best practices necessary to innovate and build business.
  • Exclusive discounts on ALM and GlobeSt events.
  • Access to other award-winning ALM websites including ThinkAdvisor.com and Law.com.

Already have an account? Sign In Now
Join GlobeSt

Copyright © 2020 ALM Media Properties, LLC. All Rights Reserved.