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ATLANTA-More than two million square feet of office space is expected to be delivered into Atlanta’s urban core over the next year, GlobeSt.com recently reported. Despite the abundance of new space coming onto the market, one major tenant in the city’s Midtown submarket, Hunton & Williams LLP, has decided to stay put, renewing a 91,103-square-foot lease at BentleyForbes’ Bank of America Plaza.

Specific terms of the lease were not disclosed, but average rental rates at the building are $31 per square foot, Bill Weghorst, senior VP/director of leasing agent PM Realty Group, tells GlobeSt.com. The international law firm has had a regional office spreading over four floors at the building for a little over 10 years. “They anticipate continuing to grow, and the BentleyForbes’ building can accommodate the firm’s current needs and those for the foreseeable future,” says Weghorst. Brad Armstrong, Keene Reese and Elizabeth Cooper with Jones Lang LaSalle represented Hunton & Williams in the transaction.

The 1.2-million-square-foot Bank of America Plaza, located at 600 Peachtree St., is currently 85% leased. Cousins Properties Inc. originally developed the 55-story building in 1992.

The class A office tower accommodates mostly regional and national law firms, aside from the 25% of the space taken up by Bank of America, says David Cobb, president and CEO of BentleyForbes. “The Hunton & Williams lease is significant for both the submarket and building itself given the amount of new space coming online,” he tells GlobeSt.com.

The building’s rents are well above the average of $25 per square foot for class A space throughout Atlanta’s central business district, according to Jones Lang LaSalle. “This is a good time for both landlords and tenants to look at early lease renewals,” reports Cobb. “Given the weakness in the national marketplace, it’s a great time for tenants to strike a deal. For landlords, it is time to take your top tenants and extend their leases out now while the market is receptive to tenants, especially large creditworthy ones.”

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