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ATLANTA-Toronto-based TrizecHahn Corp. unveils the 20-story, 560,000-sf One Alliance Center in the affluent Downtown district of Buckhead on Oct. 23. The building is 70% leased at estimated average asking rents of $26 per sf.

One Alliance Center is the first of four office structures totaling 1.5 million sf the Canadian developer plans in an urban setting that will also comprise a residential component and a 10-level, 1,500-car parking garage. The garage can be expanded to accommodate 4,200 vehicles. TrizecHahn projects the entire development’s estimated cost at $100 million.

In a prepared statement, TrizecHahn president/CEO Christopher Mackenzie says One Alliance Center is the only major office development delivered in Buckhead this year. “It is likely to be the only one in the foreseeable future because of infrastructure limitations,” Mackenzie says.

The property is at GA 400 and Lenox Road. Smallwood, Reynolds, Stewart, Stewart & Associates of Atlanta designed the building.

Name tenants are SI Corp., 185,000 sf; Towers Perrin, 100,000 sf; BBDO Worldwide, 68,000 sff; and EBC Office Centers, 25,700 sf.

Floors one through 11 in the low-rise section of the tower have 25,000 sf of rentable contiguous space. Floors 12 through 20 in the high-rise sector have 26,000 sf of contiguous space. Offices have nine-foot ceilings.

Buckhead/Lenox is the priciest of Atlanta’s 16 submarkets tracked by locally based Richard Bowers & Co. Third-quarter statistics show the 11 million-sf Buckhead/Lenox area with an occupancy level of 95.2%; 532,881 vacant space; a negative net absorption of 72,965 sf; and an average asking rent of $26.48 per sf.

In the class A sector alone, occupancy is at 95.1%; vacant space totals 331,449 sf; and average asking rents are $28.62 per sf. Class B space has 196,510 sf vacant; an occupancy level of 95%; and average rents of $23.60 per sf. Class C space is 98.5% occupied at an average rent of $17.16 per sf. There is only 4,922 sf of vacant space.

TrizecHahn Corp. owns and manages a United States office portfolio of 76 properties totaling 49 million sf concentrated in the central business district of seven major cities. The developer also owns retail/entertainment properties in the United States, Europe and Canada.

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