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Real Estate Bisnow
The largest commercial real estate publication in the United States.
January 4, 2011 

So, if you were to wager a guess, what was the biggest office deal of 2011? Anybody? Anybody? How 'bout IBM.
ibm lease 4111 northside parkway jamestown atlanta public schools cbre john shlesinger sam holmes glenn dyke
V-shaped campus, for Victory! That's right. It certainly was one of the most noteworthy deals of 2011, but it's also the largest lease of the year. When Jamestown sold the two-building IBM campus at 4111 Northside Pkwy last year to the Atlanta Public School system, IBM entered into a two-year, 830k SF lease to remain there while it takes the time to scout other options. But a lease is a lease, and this one's a doozy in its size. CBRE's John Shlesinger, Sam Holmes, and Glenn Dyke brokered the deal for IBM.
PM Realty (PiedmontPlace)
john heagy hines one atlantic center lease alston bird colliers international
As for the rest of the Top 10 Office Leases (with the help of Colliers International's research) in 2011:

  • Alston & Bird's renewal and expansion at One Atlantic Center for 365k SF (with Hines' John Heagy above, who consummated the deal).

  • Primerica's build-to-suit HQ at Duke's Legacy Park in Gwinnett for 344k SF.

  • AGL's 260k SF renewal at Ten Peachtree Place.

  • SunTrust Robinson Humphrey's 230k SF renewal and expansion at Atlanta Financial Center.

  • GE Consumer Finance's 203k SF renewal at Windward Plaza 300.

  • Piedmont Healthcare's 190k SF renewal and expansion at Paces West.

  • McKenna Long & Aldridge's 163k SF renewal at SunTrust Plaza.

  • PricewaterhouseCoopers 142k SF lease at 1075 Peachtree, which also makes it the only new office deal on the list of 2011.

  • And finally, the FBI's renewal of 137k SF at 2635 Century Center.
Reznick Intext ATL

cushman wakefield ken ashley class a vacancy absorption kansas city jonathan
Our top 10 list highlights one of the most prevalent trends in 2011: The continuing malaise of Atlanta’s Class-A office market. While there were many big deals done, it did little to eat away at the nagging vacancy rates. According to Cushman & Wakefield, Atlanta Class-A landlords saw more than 720k SF in positive absorption, but the vacancy remained stubbornly high at 22.2%. That’s because tenants mainly played musical chairs, says Cushman & Wakefield’s Ken Ashley (snapped at a recent Kansas City Royals ballgame with son Jonathan).
jones lang lasalle clark gore cassidy turley
Another big 2011 trend concerned the very heart of the CRE industry: New players to Atlanta and high-profile personnel moves. (We have to learn not to tease the new kids on the block.) This trend was capped in November when Clark Gore (above) jumped from JLL to head up the newly-established office of Cassidy Turley. That was even a big change in and of itself, with Carter selling its brokerage unit to the national company. Then came the big breakup between Hal Barry and Chris Schoen. Chris, of course, is now partnered with Greenstone Properties' De Little. Other new players to the market in 2011 include Avison Young, which tapped Steve Dils to lead it locally.

AGCO duluth 4205 River Green Parkway Cole REIT cbre sam holmes john shlesinger branch properties jessie shannon
While it doesn't make our top 10 list, this deal caught our eye. Owners of AGCO's Duluth HQ sold the office at 4205 River Green Pkwy to Phoenix-based Cole REIT for $17.7M late last month. In turn, the agriculture equipment maker inked a lease for 125k HQ space from Cole for another 15 years. CBRE's dynamic duo John Shlesinger and Sam Holmes brokered the lease with the new owner, while Branch Properties' Jessie Shannon handled the sale for a family trust.
We'll do more 2011 reflections and 2012 predictions tomorrow. Until then, send your news to Jarred@Bisnow.com.
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