New Synovus Parent Leases Midtown Headquarters Space: The Atlanta Deal Sheet
The Nashville bank that acquired Synovus at the start of the year is establishing its corporate headquarters in Midtown.
Pinnacle Financial Partners announced Thursday that it leased 165K SF at Ten Twenty Spring, the 25-story office tower off Spring Street that is part of the Spring Quarter mixed-use project. Pinnacle will occupy five floors and hang its signage atop the Portman Holdings-developed office tower, according to a press release.
The deal comes months after Pinnacle acquired Synovus Financial Corp. for $8.6B in an all-stock transaction, creating a combined banking giant with more than $120B in assets. Pinnacle plans to maintain its bank headquarters in Nashville. Its new corporate headquarters will be home to 400 employees.
“We are serious about being Atlanta’s bank, and our presence at Ten Twenty Spring, along with our bank headquarters in Nashville, will anchor our expanding presence in the gateways to the South,” Pinnacle CEO Kevin Blair said in the release. “When you see our sign soaring over the Downtown Connector, it will be clear that Pinnacle is here to lead.”
The lease brings Ten Twenty Spring to 60% leased, including consulting firm Ernst & Young, Portman Chief Development Officer Travis Garland told Bisnow.
LEASES
Logistics Property Co. secured two companies for its Gainesville 85 Business Center project. Food-packaging maker Cirkla Inc. signed a 67K SF lease at 1950 Fulenwider Road, a 251K SF distribution center in north Georgia. An unidentified e-commerce company also inked 228K SF at 1900 Fulenwider Road off Interstate 985, according to a Logistics Property Co. press release.
CBRE’s Todd Barton, Joanna Blaesing, Mark Hawks and Matt Higgins represented the landlord. Hughes Commercial’s Weston Gurr and Tommy Hughes represented Cirkla, while CBRE’s Rob Kruer, Tyler Logue, Nicholas Chang and Justin Kuehn represented the e-commerce tenant.
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DiversiTech leased 43K SF at Sugarloaf II, the 55K SF flex office building on Premiere Parkway in Duluth, and Genesis Technologies inked a deal for 10K SF. The deals help propel the building above 90% occupied.
Colliers’ Kevin Driver and Deming Fish represented then-landlord ESJ Capital Partners.
SALES
East Madeira Corp. purchased Sugarloaf II, a 55K SF, single-story office building at 3039 Premiere Parkway in Duluth, from ESJ Capital Partners for $6.2M, according to the Georgia Superior Court Clerks' Cooperative Authority database.
Newmark’s Casey Keitchen brokered the transaction. Colliers will continue to lease and manage the property for East Madeira.
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LNR Partners, a division of Starwood Property Trust, has foreclosed on the Wyndham Atlanta Buckhead Hotel & Conference Center, a 352-room hotel at 3405 Lenox Road in Buckhead, for $28.9M, according to the Georgia Superior Court Clerks' Cooperative Authority database.
The hotel was previously owned by Atrium Holding Co., which took out a $50M JPMorgan Chase mortgage on the property in 2016. In 2024, the loan was transferred to special servicing with LNR due to “insufficient cash flow,” according to Morningstar Analytics. Atrium previously had Marriott operating the hotel but terminated that contract in favor of Wyndham in December of that year.
Last year, the hotel’s value was cut from $45.3M in 2022 to $29.3M, according to Morningstar.
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Florida-based Kayne Anderson purchased a four-building flex industrial portfolio in Gwinnett County from an LLC tied to Revantage for $49.3M, according to the Georgia Superior Court Clerks' Cooperative Authority database.
The portfolio consists of 4455, 4465 and 4485 Commerce Drive and 4540 Atwater Court. All four buildings total around 200K SF, according to Gwinnett County records.
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Ohio-based retail REIT Site Centers has picked up a prominent Buckhead shopping center for 65% more than its 2014 purchase price.
Site bought Tuxedo Festival, a 50K SF shopping center at 3655 Roswell Road, from Edens for $46M, according to the Georgia Superior Court Clerks' Cooperative Authority database. The shopping center, whose tenants include Cava, Chop't Creative Salad Co., Edible Arrangements and Postino Buckhead, was 97% leased at the time CBRE marketed it for sale, according to a LinkedIn post. It previously sold in 2014 for $27.9M, according to Fulton County property records.
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Denver-based Ares Management bought three Gwinnett County warehouses from Clarion Partners for a total of $187M, according to the Georgia Superior Court Clerks' Cooperative Authority database.
The properties include the 662K SF 580 Horizon Drive for $86.6M, the 265K SF 560 Horizon Drive for $73.3M, and the 169K SF 530 Horizon Drive for $27.8M.
PERSONNEL
John McFadden joined Partners Real Estate as senior vice president of the federal leasing practice. McFadden comes from a four-decade career with the General Services Administration, where he helped the IRS lease 680K SF at the historic U.S. Post Office building in Philadelphia.
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Patterson Real Estate Advisory Group promoted Chance Gordon to senior analyst. Gordon joined Patterson in 2024 as an analyst on its transaction team, where he helped raise more than $340M for real estate deals.
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Stream Realty Partners hired Scott Polinski and Rhett Delk as senior vice presidents, focused on industrial leasing services in the Southeast. The duo have a combined 30-year CRE career and most recently worked at Cresa Atlanta.
