X

Thank you for sharing!

Your article was successfully shared with the contacts you provided.

ATLANTA-Portman Holdings LLC is subleasing 45,000 sf at the SunTrust Plaza Garden Offices from Website Pros Inc., which has reduced its office space needs after merging with Web.com Inc. last year. Jacksonville, FL-based Website Pros will retain 27,000 sf in the same location.

Portman Holdings, which handles leasing and management at the adjacent SunTrust Tower office building Downtown, needed expansion space because the 60-story, 1.2-million-sf building is nearly full, says Brannan Moss, senior vice president of tenant representation with Jones Lang LaSalle in Atlanta. The primary tenant sought to reduce overhead costs and maximize its efficiency, so the deal works out well for both parties, he says.

Although many companies are putting space back on the market due to downsizing or office closings, Moss says it creates opportunities for other firms to move into improved space at economical rents and shorter leasing terms. “A lot of the sublease inventory will fill up faster than direct-lease space,” he tells GlobeSt.com.

In this particular case, he says Portman Holdings is able to take advantage of the technology infrastructure put in place by Website Pros, which offers Internet design and programming services. Moss says Portman Holdings assumed a five-year lease term with a direct-lease renewal option, but could not disclose additional details of the transaction.

Brian Hogg, executive VP of Portman Management Co., represented Portman Holdings in the lease negotiation. SunTrust Plaza Garden Offices totals 650,000 sf in six floors.

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

*May exclude premium content
Already have an account?

GlobeSt

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 © 2020 ALM Media Properties, LLC. All Rights Reserved.