Building and Land Technology, of Stamford, Conn., and Regent Partners, of Atlanta, have retained Cushman & Wakefield to oversee the leasing of two high-profile office towers in Atlanta’s Central Perimeter submarket.
The 34-story Concourse Corporate Center V and the 33-story Concourse Corporate Center VI, known as the “King and Queen” buildings, total nearly 1.4 million square feet.
They were completed in 1988 and 1991, respectively, and underwent cosmetic renovations in 2017, according to information provided to Commercial Property Executive by Yardi Matrix.
The Cushman & Wakefield team in charge of the leasing comprises Glenn Kolker, Caroline Nolen, Re’Nauta Bell and Molly Millard. Kolker called the buildings “two of the most recognizable buildings in Atlanta.”
Concourse Corporate Center V and VI are 87 percent leased to a tenant roster that includes Atlanticus Holdings Corp., multinational insurance brokerage Willis Towers Watson, BCD Travel and business advisory firm Aprio.
Concourse Office Park totals 2.2 million square feet of Class A office space, as well as a 372-key Westin Hotel with conference facilities and the Concourse Athletic Club, which features an indoor track, seven tennis courts, indoor/outdoor pools, spa services, and basketball, racquetball and squash courts. Additional amenities include multiple on-site restaurants, cafes and newsstands, plus 2 miles of running/walking trails.
The park is just north of I-285 and directly east of Georgia 400. A shuttle service from the property provides access to MARTA and Perimeter Mall.
Sublease space softens market
The metro Atlanta office market experienced 785,000 square feet of negative absorption in the third quarter, an amount not seen since the Great Recession, according to a third-quarter report from JLL. One of the drivers was numerous small blocks of sublease space going onto the market; metro Atlanta now has 4 million square feet of such space, nearly half of it already vacant.
Year-to-date, the Central Perimeter submarket saw about 305,000 square feet of (positive) absorption in Class A office space, against an inventory of 18.7 million square feet. Total vacancy in the submarket currently is 20.4 percent, also according to JLL.
In March 2019, BLT and partner Quinlan Development Group received a $152 million senior loan from PCCP LLC for the recapitalization and lease-up of 41 Flatbush Ave., a 270,000-square-foot, 10-story office building in Brooklyn. The former warehouse building has been purchased by the borrowers in 2014 and converted into Class A creative office space.