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ATLANTA-Holder Properties, developer of the 13-story, $60 million, 400,000-sf Millennium at Midtown, will know by Oct. 1 if the spec property is at the desired 50% leased level. Rreef Funds of Chicago owns the building.

Holder is negotiating with the Federal Deposit Insurance Corp. for 84,000 sf and with PricewaterhouseCoopers for 110,000 sf. The building is at 10th and West Peachtree Streets. couldn’t reach Holder officials at publication deadline to learn lease terms. But area brokers familiar with the class A Midtown office market tell on condition of anonymity that both leases are probably for 10 years.

Atlanta-based Richard Bowers & Co. puts the average rental rate for class A in the second quarter at $26.76 per sf.

That would make the FDIC lease worth about $2.25 million per year or $22.5 million for 10 years. PricewaterhouseCoopers’ 110,000 sf would be valued at $2.94 million per year or $29.4 million over 10 years.

The Bowers research for the first half shows the 12 million-sf Midtown office market has an overall occupancy level of 92.8%; 874,379 sf vacant; and net absorption of 201,563 sf.

In the class A sector alone, the occupancy is 96% with 322,713 sf vacant.

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