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DOWNTOWN IN LABOR

Atlanta

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DOWNTOWN IN LABOR
250 PIEDMONT ave atlanta monolith development forum authority georgia department labor gary lee cassidy turley
Here is 250 Piedmont Ave downtown, which is about to trade hands. The potential new owner, Forum Development (under the moniker Monolith Development LLC) is in talks with the Atlanta Development Authority to lease the 350k SF building to that organization. In turn, the ADA will lease the space to the Georgia Dept of Labor, which plans to consolidate up to 800 jobs from various offices throughout the metro area into the centralized downtown location. (Which will make it much easier to organize a good Georgia Dept of Labor kickball team.) If the 20-year lease is approved, it will be one of the largest office leases in 2011 and a rebirth of the empty tower. Cassidy Turley's Gary Lee is brokering the pending sale. The total value of the project is estimated at $40M.