Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ATLANTA-Life is good for Pope & Land Enterprises these days as the locally based developer completes a 195,000-sf lease with Siebel Systems Inc. of San Mateo, CA at the first of three planned office towers at One Glenlake in the central perimeter submarket.

The transaction is one of the largest office deals this year.

Siebel calls itself the world’s leading provider of eBusiness application software. The eight-year-old firm has 8,000 employees in 136 offices in 34 countries. The company posted a profit last year of $221 million on sales of $1.79 billion, a one-year sales growth of 127%, according to the company’s Web site.

GlobeSt.com couldn’t reach Siebel or Pope & Land at publication deadline to learn leasing details. But area brokers familiar with the transaction and the submarket tell GlobeSt.com on condition of anonymity the lease is for at least 10 years with an aggregate value of $43 million or about $22 per sf.

Siebel will be relocating to its new headquarters at GA 400 and Abernathy Road from NorthWinds in suburban Alpharetta, GA and Tower Place in Buckhead. Siebel is taking 55% of the 353,000 sf in the 14-story, $61 million building that breaks ground Nov. 5.

Regions Bank of Alabama is funding the venture. Pope & Land’s equity partner is Dallas-based Granite Properties. The partners are buying the land at One Glenlake for an undisclosed price from St. Joe Co. of Jacksonville, FL.

St. Joe plans to build a hotel on the site at an undetermined date to complement the three office towers but hasn’t disclosed details.

The 9.7 million-sf, class A GA 400 North submarket posted a third-quarter occupancy level of 82.69% with average asking rents of $22.08 per sf, according to Richard Bowers & Co.’s latest research. A total 1.67 million sf is vacant.

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
  • 1 free article* every 30 days across the ALM subscription network
  • Exclusive discounts on ALM events and publications

*May exclude premium content
Already have an account?

Dig Deeper



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 © 2021 ALM Media Properties, LLC. All Rights Reserved.