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ATLANTA-Locally based Pope & Land Enterprises Inc. has purchased a pricey four-acre tract at Glenlake Parkway and Abernathy Road in North Atlanta for an estimated $7 million or about $40.17 per sf and plans to build a 14-story, 350,000-sf office tower on the site, area brokers familiar with the transaction tell GlobeSt.com.

The seller was St. Joe Co. of Jacksonville, FL, the largest landowner in Florida. St. Joe owns 14 acres adjacent to the planned tower.

The building is scheduled to be completed in January 2003. Siebel Systems Inc., a California-based software developer, has signed a long-term lease estimated for at least 10 years for 195,000 square feet in the building.

The estimated value of the lease is $3.9 million per year or a total $39 million based on an average asking rent of $20 per sf, area brokers tell GlobeSt.com. Pope & Land officials couldn’t be reached at GlobeSt.com’s publication deadline to learn further leasing details.

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