McCanish Systems Renews 33,000-SF Office Space

ATLANTA-McCanish Systems has renewed its 33,000-sf office lease at the 54-acre, 525,000-sf Powers Ferry Landing West business park in Fulton County, bringing occupancy at the 30-year-old property to 70%. The eight-year lease has an aggregate rent value of $5.1 million.

The renewal marks the 13th lease transaction totaling 73,000 sf locally based Carter has completed at the 14-building property since purchasing the park with its partners from J.P. Morgan in June 2004. Powers Ferry Landing West is jointly owned by Carter, Julian LeCraw Co. and the Morgan Stanley Real Estate Funds IV Domestic.

Christina Stephenson, vice president, human resources at McCanish Systems, says her company decided to renew its lease largely because of the property’s “ease of access and close proximity to major hotels, shopping and restaurants.” The park is 16 miles from Downtown Atlanta, located along 800 feet of Chattahoochee River frontage .

Carter has begun renovations at three of the office buildings on the eastern side of the property. “Powers Ferry Landing West offers a unique setting in a first-class location,” says Steve Tedder, a Carter director in charge of the park’s leasing. “The substantial improvements we’re making to the buildings are especially appropriate, given the natural environment and caliber of the neighborhoods surrounding the property.”

Sam Friedman of AFCO Realty negotiated the lease for McCanish Systems. The privately held Atlanta-based company provides business processing outsourcing services to the life insurance industry.