Best Office Space Lease Opportunity in Midtown Atlanta
Over the next couple of days I will be doing opinion pieces highlighting what I deem to be the best office space lease opportunities in a couple of office markets here in Atlanta. Now, this is my opinion, and I am sure that if you ask another office broker in Atlanta that person might have a different opinion. So, please take what I am about to say with a grain of salt.
With that disclaimer out of the way, the first office building that I’d like to highlight is 1230 Peachtree Street or Promenade II in Midtown Atlanta. Promenade II is the former home to about 400,000 Square Feet of office space to AT&T employees. AT&T moved out a several years ago, however their lease just expired leaving this 775,000 Square Foot Office Building with over 400,000 Square Feet to lease.
With this much office space vacant, one might think that this office building is destined for foreclosure. Not so fast my friends, the Australian owner has no debt on Promenade II leaving it ripe for some great deals to be done. Right now the building has a marketed rental rate between $24.50 – $25.50 / SF making it a great opportunity to lease office space in a building that traditionally could obtain upper 20’s to low 30’s / SF in rent. Notwithstanding, Promenade II’s amenities and finishes can compete with any other Class A Trophy Tower in Midtown that will lease office space in the upper 20’s to low 30’s / SF in rent right now. Having the combined factors of strong ownership, and below market rental rates, I feel that Promenade II is one of the best leasing opportunities in Midtown Atlanta.
