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ATLANTA-In a big let down for area chamber of commerce officials and local subcontractors, Newell Rubbermaid Inc. has decided to lease existing office space in suburban Sandy Springs, GA instead of building a 210,000-sf corporate campus at Sanctuary Park in suburban Alpharetta, GA, area brokers in a position to know tell GlobeSt.com. Newell officials say a lease hasn’t yet been signed.

Brokers tell GlobeSt.com Newell is negotiating with Coca-Cola Co. to sublease two floors, or about 50,000 sf, at the North Tower at 10 Glenlake for 60 executives who will be moving here at year end 2004 from the company’s Freeport, IL-based headquarters. Coca-Cola, which leases the entire 250,000 sf at the 10-story building, will be leaving the property in a division consolidation move.

Newell CEO Joseph Galli is expected to continue doing business from the company’s Freeport offices, according to North Fulton County sources who have been communicating with him.

Newell’s decision to lease rather than build comes as the company reports lower profits for the third quarter. The consumer products company had net income of $75.2 million on $1.9 billion in sales, according to the company’s prepared statement. A year ago at this time, Newell posted net income of $76.2 million on $1.9 billion in sales, the same number it had in this year’s third quarter.

For the nine-month period, Newell had net income of $165 million on $5.7 billion in sales, compared with a net loss of $299.2 million on $5.4 billion in sales in the same 2002 period.

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