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ATLANTA-Locally based Boss Properties and Germany-based Blue Capital gambled in acquiring the 17-story, 305,000-sf Platinum Tower in 1998 and investing $1.2 million in upgrades, but the investment is beginning to pay off in more credit-worthy tenants and increased occupancy levels, the owners say.

The 24th tenant in the 18-year-old Cobb County building at 400 Interstate North Parkway is Borland Software Corp. of Scotts Valley CA. Borland has signed a 10.5-year renewal and expansion lease for a total 39,839 sf at an estimated aggregate rent of $9.5 million. The tenant added 19,839 sf to its existing 20,000 sf and occupies the 16th and 17th floors of Platinum Tower. Average asking gross rent at the building is $20 to $23 per sf.

The transaction brings the building to 85% occupancy from the 62% level when the Boss/Blue Capital partnership bought the building seven years ago. “We decided to invest money into Platinum Tower because we saw an opportunity to return the signature building to prominence in the northwest Atlanta submarket,” Blue Capital’s Rob Aldrich says. “The tower now is well-suited to continue to attract blue-chip tenants.”

Dwight Bell, a Boss Properties partner, says, “The long-term commitment by a company such as Borland Software to Platinum Tower attests to the traction we’re making with the transformation of the building.”

Bell adds, “We have repositioned the tower as a premier class A property, and existing and prospective tenants are benefiting from the new Platinum Tower.”

Glenn Weinstein, Borland’s vice president for worldwide technical support and services, says his company’s decision to remain at Platinum Tower was based on the investment the owners made in the property. “The owners are investing a lot of money to make Platinum Tower a top corporate address,” Weinstein notes. “Borland’s continued growth, especially in this region, meant we had to re-evaluate our current office space. The renovation of Platinum Tower played a critical role in our decision to renew and expand at the building.”

The building’s upgrading included renovation of the main lobby, the café, the health club, the on-floor common areas, restrooms and landscaping. A Boss/Blue Capital partnership leases and manages the building.

Blue Capital is a subsidiary of the HVB Group, Germany’s second largest banking institution. Blue Capital is the managing general partner of German private capital in office and retail funds and has invested more than $1 billion in US real estate to day. Blue Capital has nine funds consisting of 42 properties under management.

Shan Gastineau of the Staubach Co. negotiated for Borland in its expansion. “After considering several options [to lease space elsewhere], it became obvious that Borland Software should remain and expand at Platinum Tower,” Gastineau says. “Boss and Blue Capital have worked hard to make Platinum Tower an appealing corporate address.”

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