AT&T has continued its march back to the office, expanding again at Lenox Park with a major new lease in space the firm previously relinquished.
:quality(75))
The telecommunications giant has signed a lease for all of 1055 and 1057 Lenox Park Blvd. in the Lenox Park office complex near Buckhead, three sources familiar with the deal tell Bisnow.
AT&T's deal is for roughly 205K SF, and the company is planning to renovate the two buildings over the next 15 months before moving its employees in, a source said.
AT&T once leased all five buildings in the 1M SF Lenox Park office campus but began to shrink its presence at Lenox Park in 2017 amid a period of contraction of its sizable office footprint in Atlanta. By early last year, it only occupied 1025 and 1055 Lenox Park.
But the Dallas-based company signed a 120K SF lease for 1277 Lenox Park in July, and after letting its previous lease at 1055 Lenox Park lapse, two sources said AT&T has recommitted to the building, as well as 1057 Lenox.
The deal also represents a larger reversal for AT&T, which had been contracting its office footprint in Metro Atlanta in recent years, including emptying its onetime namesake Midtown tower, now called Tower Square. That building, owned by Icahn Enterprises, has struggled to backfill AT&T's space, with a major lease falling through last year.
Bridge Investment Group owns 1055 and 1057 Lenox Park after paying $225M to acquire the majority of the campus in 2018. Bridge Senior Managing Director Jeff Shaw declined to comment.
A spokesperson for CBRE, which represented AT&T, also declined to comment, as did an AT&T spokesperson.
AT&T CEO John Stankey last year began to require that 60,000 of the company's managers return to the office three days a week. He said at the time the company planned to create major office hubs in Atlanta and Dallas. In 2020, AT&T announced it would slash $6B in operational costs, including through real estate, by the end of 2023.
)
)
)
)
)
)
)
)
)
)
)
)