News
The Deal Sheet
June 1, 2011
| Hines Interests needs this bit of good news: It may be losing its largest tenant at Atlanta Financial Center, but an Atlanta bank may patch up some of that hole. | |||
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| Sources tell us that SunTrust Robinson Humphrey is in talks with Hines to renew and expand its presence at the Buckhead office complex to more than 100k SF. Currently the company uses some 60k SF in the South Tower, according to CoStar. The deal is a big bit of good news for Atlanta Financial Center, which will be taking a blow in the future once Morris Manning & Martin vacates its 114k SF to move into 140k SF at The Campanile Building in Midtown; it had been at AFC since 1987. We'll keep you posted as we learn more about the Robinson Humphrey deal. | |||
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| Leases | |||
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| How much was your last move? For Novelis, its move cost $34M. The company reported those restructuring costs, a majority of which centered on its HQ move from Cleveland to Atlanta, where it has leased 100k at Two Alliance Center. | |||
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| BJ Wholesale reported a charge of nearly $42M to close five clubs, including the three in metro Atlanta. $33.5M of that cost was its lease obligation, the company reported. | |||
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| EOS Marketing and Communications has inked a deal for nearly 4,000 SF at 3405 Piedmont in Buckhead. April Hawkinson (now with Carter) and Carter's Julie Hoffman brokered the deal for EOS while Lincoln Property's Leigh Braswell and David Danhof brokered for the landlord, Colony Realty Partners. | |||
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| Vitra USA renewed 11k SF at Suwanee North Business Center. Commercial Property Professionals' Reed Davis brokered the deal for the tenant, while Collier Properties' Richard Collier represented the landlord. Reed also brokered deals for Magnolia Golf Group (7,600 SF at Northfield Court) and Hancock Roofing (5,500 SF at Meadows Commerce Center). Malon Mimms Co's Rebecca Odem brokered Northfield Court's landlord and Phoenix Atlanta Partners'Gibby Thrift brokered the Hancock deal for the landlord. | |||
| Sales | |||
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| CBRE's Craig Goldberg helped James B. Cumming sell off his 18th floor, 8,500 SF office condo at The Peachtree for an undisclosed sum. 55 Greenwood Co purchased the unit and was represented by McGill Co's Patty McGill. | |||
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| Hartman Simons' Partner Jeremy Cohen did a little more than good lawyering. Jeremy also helped broker the sale of the former National Envelope Corp warehouse in Austell to Regency Technologies.William Ungar sold the property at 2989 Humphries Rd for an undisclosed price. | |||
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| Last week, MDH Partners purchased 4300 Highlands Pkwy, a 100k SF bank-owned warehouse in Smyrna, for $1.5M. Brantley & Co's Bill Brantley brokered the sale. | |||
| People | |||
| Andrew Seng has joined Holliday Fenoglio Fowler as managing director of its Atlanta office, focusing on debt and structured finance transactions throughout the Southeast. He comes from First Fidelity Cos, where he secured more than $1.6B in debt and equity investments for CRE projects. | |||
| Events | |||
| IFMA will be discussing emerging technologies at college campuses with Kimberly-Clark's Steve Bender, Georgia Perimeter College's Lewis Godwin, and Turner Broadcasting's John Hester at Maggiano's in Cumberland Mall on June 15 for its monthly meeting. | |||
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| Important Event Reminder: Tonight's the CRE industry benefit for Andee Poulos, the 15-year-old daughter of Newmark Knight Frank's John Poulos who suffered a debilitating stroke last year and will need extensive care for her recovery. The event will be at East Andrews Cafe and Bar from 6 to 10 p.m. There's a minimum $10 donation at the door. If you need more info, contact NKF's Jim Davenport at (404) 926-1131. | |||
