Make Room For State Farm
Can the owners of Three Ravinia find a spot for the daddy of all Central Perimeter tenants?
Sources tell us that CBRE Global Investors is attempting to free up 100k SF at its 814k SF pagoda-styled tower off Ashford-Dunwoody Road to make way for an additional 100k SF State Farm requirement. And to do so, it may have to ask one of its tenants to leave. (Perhaps a rigged game of musical chairs might work.) Sources say Allscripts, a medical software company, was approached. That company—in which officials declined to comment "on rumor and speculation"—leases 78k SF there. CBRE, which leases the building, is in talks with Intercontinental Hotel Group about renewing its 275k SF HQ, sources say. IHG emailed a statement to us, stating it recently hired Cushman & Wakefield to consult on its real estate: "We periodically review our space as part of our regular course of business to ensure that our office facilities meet our employees' and company's current and future needs."
If you're keeping tally, this is the latest in the saga of State Farm in Central Perimeter (we're pretty sure the entire submarket will be renamed State Farmville). The company inked huge leases at 64 and 66 Perimeter Center Pkwy, The Terraces and even purchased Hammond Exchange, where it could develop a consolidated campus at some point in the future.