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ATLANTA-Duke Realty Corp. has leased its 98,000-sf office building at 1500 Centre Parkway within Camp Creek Business Center to the Federal Aviation Administration (FAA). The value of the five-year lease was not disclosed. According to a Grubb & Ellis third-quarter market report, average class A rents in the submarket are $21.89 per sf.

The newly constructed building, located three miles west of Hartsfield-Jackson International Airport, will house approximately 400 FAA employees within engineering and planning groups. The tenant will occupy the space early next year.

“Given today’s environment, this takes all the pressure off leasing up that building,” says Chris Brown, Duke senior vice president. He tells GlobeSt.com that the size of the deal is bigger than usual for the Airport submarket where the office is located. The new tenant brings the 375,000-sf Camp Creek Business Center to 94% leased.

According to Duke, the FAA deal represents the third significant transaction with a government-related entity in the past year for the Indianapolis, IN-based REIT. Duke completed a 47,000-sf build-to-suit for the Department of Homeland Security and renewed a 34,000-sf lease with the Federal Bureau of Prisons earlier this year.

Duke owns, manages or has under development approximately four million sf of office space and nine million sf of industrial within the Atlanta metropolitan area, says Brown. He adds that the company continues to see corporations in the region delay leasing decisions until the market is stabilized.

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