One of the world’s largest accounting firms has hit the office market in Atlanta, with eyes on a potential move from Downtown to Midtown.
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EY is scouting the Atlanta skyline for 125K SF of office space, four sources with knowledge of the search told Bisnow.
The firm is scouring options in Midtown, sources tell Bisnow, looking for a slightly larger space than it occupies at 55 Allen Plaza in Downtown Atlanta.
“We are continually reviewing our real estate strategy to best serve our clients and EY employees,” EY Atlanta Office Managing Partner Regenia Sanders told Bisnow in an email. “At this time, we are exploring options and are in active negotiations. No decisions have been made.”
The global accounting firm, formerly known as Ernst & Young, represents 971 public firms, the most of any of the big accounting firms.
It was the debut tenant at the 349K SF 55 Allen Plaza tower built by the late developer Hal Barry as part of his larger Ivan Allen office complex. It signed the anchor lease in 2005, and its logo emblazons the top of the 14-story building.
Dallas-based Lone Star Funds purchased 55 Allen Plaza in 2020 for $79M, according to data in the Reonomy database. Lone Star Funds didn't return messages seeking comment.
EY signed an initial lease of 137K SF at the building. It has renewed, expanded and contracted at various times at Ivan Allen Plaza, and today its footprint stands at a little more than 110K SF, according to CoStar data obtained by Bisnow.
CBRE is representing EY in its office search, sources said. A CBRE spokesperson didn't respond to a request for comment.
The search for space is another sign that momentum is picking up in Atlanta's office market, where vacancies are still hovering near record highs. But landlords posted absorption gains in the final quarter of 2024 by nearly 360K SF, according to preliminary data compiled by Colliers, the first time the metro area saw positive absorption since Q3 2022.
Numerous companies secured big leases in Atlanta last year, including Morris, Manning & Martin LLP at Two Alliance Center, Eversheds Sutherland at Bank of America Plaza and banking firm SouthState Corp., which leased 87K SF at Prominence Tower in Buckhead complete with signage.
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