Atlanta Trophy Tower Lands 180 KSF HQ Lease
Building and Land Technology has secured a 180,000-square-foot leasing agreement at Atlanta’s Queen tower within Concourse Office Park, as reported by the Atlanta Business Journal. Newell Brands Inc. will move its headquarters to the trophy tower by mid-2025. Cushman & Wakefield brokered the transaction on behalf of both parties.
Newell will relocate from 6655 Peachtree Dunwoody Road where it has resided for almost a decade, expanding its footprint at the new location by some 20 percent. The consumer goods company acquired that property from U.S. Bank – REO back in 2015 for $14.5 million, according to CommercialEdge data. Following the relocation, Newell will fully occupy floors 7 through 11, along with floors 15 and 17, as well as the first floor at Building and Land Technology-owned tower.
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The move is part of a wider company restructuring initiative by Newell, according to Atlanta Business Journal, which also includes consolidating the firm’s business units, streamlining its office footprint and reducing its office workforce by 7 percent. The tenant also plans to invest more than $50 million in the new location, public documents show.
Completed in 1991, the Queen tower rises 33 stories and spans some 697,400 square feet. Building and Land Technology acquired it in 2015 from Regent Partners as part of a larger $489 million portfolio transaction, CommercialEdge information reveals. In 2017, the asset became subject to 130.8 million in loan due in 2025, part of a $259.7 million portfolio loan held by Morgan Stanley Bank. Other tenants at the property include Verifacto, System Soft Technologies and Quest Financial.
A large office commitment for Atlanta
The Newell lease brought the building’s occupancy to 92 percent. The deal represents the fifth new lease encompassing more than 100,000 square feet in the second quarter and the largest office lease in the Central Perimeter since 2018, according to Cushman & Wakefield.
Located at 6 Concourse Parkway, the building is off Interstate 285 and roughly 16 miles north of downtown Atlanta. It is also within walking distance of Perimeter Mall, as well as other retail offerings.
Cushman & Wakefield Senior Director Caroline Nolen, Managing Director Andy Sumlin and Director Jillian Bailey represented the landlord in the transaction. The company’s Executive Director April Parrish, Senior Director Joe Garvey and Executive Managing Director Kirk Diamond, along with Managing Director Erin Smith and Senior Transaction Manager Steven Taylor worked on behalf of the tenant.
Atlanta’s office leasing landscape
As of April, the average listing rate in Atlanta’s office market stood at $31.68, below the national figure of $37.66 but up 3.8 percent year-over-year, according to a recent CommercialEdge report. The vacancy rate in the metro clocked in at 18.4 percent, on par with the 18.3 percent national rate, and 130 basis-points lower than at the same point last year.
Recently, Stream Realty Partners has been tapped to lease 3630 Peachtree, a Class A+ Atlanta office building spanning 438,000 square feet. The owner, Granite Properties, acquired the asset back in 2022 from Heitman, paying $202 million for it.
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