Insurance Giant Unum Taking Over Tech Firm's Big Office At The Terraces
A Chattanooga, Tennessee-based insurance company is embarking on a major expansion in Central Perimeter.
Unum Group signed a sublease for 57K SF at The Terraces office park with marketing software platform Acoustic, Bisnow has learned.
The deal was first revealed in the first-quarter Atlanta office market reports by Partners Real Estate and Colliers. JLL Executive Vice President Glenn Aspinwall, who leases the building for the landlord, MetLife, but wasn't involved in Unum and Acoustic's sublease, confirmed the deal to Bisnow.
Acoustic leased the 57K SF seventh floor in the South Terraces building in 2020, the Atlanta Business Chronicle reported at the time.
Unum owns Provident Life and Accident Insurance Co., The Paul Revere Life Insurance Co. and Colonial Life & Accident Insurance Co. It lists its Atlanta office at Concourse Corporate Center VI, the iconic King building overlooking Interstate 285 in Central Perimeter.
The insurance conglomerate signed a 9K SF direct lease at the King building in January 2022, according to Steve Triolet, Partners' senior vice president of research and market forecasting.
Cushman & Wakefield Executive Managing Director Travis Jackson represented Acoustic in the sublease but didn't return messages seeking comment. Unum didn't respond to Bisnow's request for comment.
Many of the largest office deals so far this year have come via sublease.
Construction materials supplier CRH Americas Materials took 52K SF at Sanctuary Park in Alpharetta during the first quarter, according to Partners' report. Ticket reseller StubHub subleased 56K SF at 7000 Central Park, the 18-story, 424K SF office tower in Central Perimeter, according to CBRE’s report.
Available sublease space fell 5.4% from a record high of 3.3M SF to 3.1M SF in the first quarter, according to Partners.
“Sublease availability, and possibly overall vacancy, has peaked, offering a glimmer of stabilization,” Partners researchers wrote in the report.
