The first multi-tenant office building to break ground in Central Perimeter may just be the least expected. But it does potentially have a tenant in tow.
Piedmont Realty Trust is seeking Sandy Springs' approval for Glenridge Highlands III, a planned 300k SF office building in the Glenridge Highlands campus overlooking GA 400. If it gets a rezoning green light Tuesday, the development could pave the way for AON insurance to move its offices from Buckhead. Sources tell us the insurance giant is in talks to occupy half of Glenridge Highlands III once it delivers, moving from its current home at Piedmont Center North. This isn't the first time AON attempted a move to Central Perimeter. Piedmont does have a landlord relationship with AON already: It owns the insurance giant's HQ in Chicago. Other sources say AON could consider other possibilities as well and are expecting the firm to issue an RFP soon.
We spoke with Piedmont's George Wells (here with his wife, Karen), who declined to comment about AON. But he did tell us that Glenridge Highlands III—which we previously reported about here and which includes space for a restaurant—has caused some city officials concern about its traffic impact, one of the key issues facing Piedmont before the council next week. The developer and the city are hashing out a potential comprise, including adding a left turn lane northbound on Glenridge Drive to Johnson Ferry Road. If all goes well, Piedmont may win the race for the next multi-tenant office project in Central Perimeter, a race that sees Ackerman & Co in a JV with Cousins Properties and Hines Interests among the players vying for the designation. While Central Perimeter has seen available space dwindle, developers have been reticent to go completely spec over concerns that virgin office space rents—projected to be around $40/SF—still outstrip the average submarket's rent.
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