CoStar News
By: CoStar Research
Prominent office leases signed by GE Vernova, OneTrust and Trimont negotiated by top dealmakers from JLL and Cushman & Wakefield are among the fourth-quarter office leases recognized by CoStar.
As big-ticket items involving sizable investments, commercial property transactions often have a wider impact within the community. CoStar will recognize the largest leases completed each quarter and the dealmakers who made them happen in their respective markets.
Here are the Atlanta office leases selected as the fourth-quarter 2023 winners of the CoStar Power Broker Quarterly Deal Awards:
Space Leased: 77,163 SF
Deal Type: New Lease
Size: 435,724 SF
Tenant: GE Vernova
Brokers Involved: Adam Viente and Jeff Bellamy of JLL represented the landlord.
Deal Commentary: GE Vernova signed a lease to occupy over three full floors at Galleria 600 totaling over 77,000 square feet. The company, which is owned by General Electric and founded in 2015, will occupy the entire 17th through 19th floors beginning in August on a 12-year term. The property is owned by Piedmont Office Realty Trust, which acquired the entire Atlanta Galleria in 2019 for $231.2 million. The lease comes as General Electric plans to spin off Massachusetts-based GE Vernova as a standalone public company in April.
Space Leased: 74,227 SF
Deal Type: New Lease
Size: 201,682 SF
Tenant: OneTrust
Brokers Involved: Aileen Almassy and Melanie Garlock of Cushman & Wakefield represented the landlord.
Deal Commentary: OneTrust, a privacy and security software provider with a valuation of $5.3 billion, signed a new lease in Tower 2 in the Fourth Ward. The company will occupy the 9th through 11th floors totaling just under 75,000 square feet beginning in the second quarter of 2024. Owned by New City Properties, the 11-story building was completed in 2022.
Space Leased: 50,110 SF
Deal Type: New Lease
Size: 491,888 SF
Tenant: Trimont
Brokers Involved: John Grimsley and Katy Adams of Highwoods Properties represented the landlord.
Deal Commentary: Trimont, a commercial real estate loan service provider, signed a lease in the Two Alliance Center building. According to Trimont, it has $236 billion in loans under management. Two Alliance Center was built in 2009 by Tishman Speyer.
Space Leased: 50,019 SF
Deal Type: New Lease
Size: 249,455 SF
Tenant: Murata Electronics North America
Brokers Involved: Jennifer Koontz and Frances Land Klee of Pope & Land Real Estate represented the landlord. William Mass of Mass Realty represented the tenant.
Deal Commentary: Murata Electronics North America, a designer, manufacturer and retailer of ceramic-based passive electronic components and solutions, communication modules and power supply modules, signed for two floors at 100 City View. The 10-year lease is scheduled to commence this summer for the entire seventh and eighth floors. Plano, Texas-based Granite Properties owns the 11-story building that opened in 2000.
Space Leased: 47,874 SF
Deal Type: Renewal
Size: 125,000 SF
Tenant: Insperity
Brokers Involved: Jennifer Koontz of Pope & Land Real Estate represented the landlord.
Deal Commentary: Insperity, a human resources technology company, signed a renewal for its space at Two Barrett Lakes Center. The company has been a tenant in the building for a decade. Two Barrett Lakes Center was built in 1990 and is owned by Canada-based Adventus Realty Services.
Space Leased: 37,842 SF
Deal Type: Renewal
Size: 342,056 SF
Tenant: Fulton County Board of Assessors
Brokers Involved: Chip Roach, Stephen Clifton and Zach Wooten of Transwestern Real Estate Services represented the landlord.
Deal Commentary: Fulton County Board of Assessors renewed its lease in the landmark Peachtree Center office complex. The county office will continue to occupy the 11th, 12th and 14th floors at 235 Peachtree. Designed by late architect John Portman, the complex consists of six office towers, many of which have a honeycomb-like facade. The Peachtree Center complex includes about 50 restaurants and stores, three hotels and a mass-transit rail station. It sold in a foreclosure auction in 2022.
Space Leased: 31,775 SF
Deal Type: Renewal
Size: 465,694 SF
Tenant: Social Security Administration
Brokers Involved: Chip Roach, Stephen Clifton and Zach Wooten of Transwestern Real Estate Services represented the landlord.
Deal Commentary: The Social Security Administration renewed its offices in the Marquis Towers in downtown Atlanta. The agency occupies nearly 32,000 square feet in the building. The property is part of the $127.5 million portfolio that Situs AMC acquired from Banyan Street Capital in January of 2023.
Space Leased: 28,649 SF
Deal Type: New Lease
Size: 438,910 SF
Tenant: AmWINS Group
Brokers Involved: Greg Frankum and Matt Spickard of Transwestern Real Estate Services represented the landlord.
Deal Commentary: AmWINS Group, a specialty insurance provider, leased nearly 30,000 square feet at 3630 Peachtree. This deal signaled an expansion within the building as AmWins already leased over 60,000 square feet across the 14th, 16th and 17th floors. AmWins offers services such as brokerage, small accounts, underwriting, global risks and group benefits. The landlord, Granite Properties, acquired the 2010-built property in January of 2022 for $202 million.
Space Leased: 27,678 SF
Deal Type: New Lease
Size: 612,947 SF
Tenant: Womble Bond Dickinson
Brokers Involved: Adam Viente and Brooke Dewey of JLL represented the landlord. Taylor Senter of Newmark represented the tenant.
Deal Commentary: Womble Bond Dickinson, an international law firm with offices throughout the United States and the United Kingdom, signed a lease for close to 28,000 square feet at Midtown Union. WBD has 32 offices on both sides of the Atlantic, providing legal services across a wide range of sectors. Midtown Union was built in 2022 by Granite Properties.
Space Leased: 23,336 SF
Deal Type: New Lease
Size: 1,101,022 SF
Tenant: Krevolin & Horst
Brokers Involved: Glenn Kolker and Preston Menning of Stream Realty Partners represented the landlord. John Flack, David Rubenstein and Robert Keatley of Savills represented the tenant.
Deal Commentary: Krevolin & Horst, an Atlanta-based law firm, moved within the One Atlantic Center. The company moved from just over 15,000 square feet on the 32nd floor to almost 25,000 square feet on the 35th floor. Krevolin & Horst’s services include litigation and dispute resolution, real estate, corporate and finance, and crisis management. One Atlantic Center was built in 1987 and has been owned by a joint venture between Core Property Capital and Starwood Capital Group since it was acquired in 2016 for $318.1 million.