Landscape Supplier Renews 56 KSF Atlanta-Area Office Lease
SiteOne Landscape Supply has renewed its 55,869-square-foot office lease at Mansell Overlook.
PPF Real Estate owns the 652,000-square-foot, four-building Class A office campus in Atlanta’s suburb of Roswell, Ga., according to CommercialEdge data. The investor paid $142.3 million for the park in 2021—its first U.S. acquisition—funded by Starwood Capital Group’s note of $87.8 million.
Cushman & Wakefield Director Annie Lewis Gomez alongside Executive Director Jon Mayeske spearheaded the leasing negotiations on behalf of the tenant.
The firm is a national wholesale distributor of landscape supplies. The company owns and leases multiple facilities throughout 45 U.S. states and six Canadian provinces, SEC filings reveal. As of December 31, 2023, the company operated 699 branches, with California’s footprint being the largest at 73 locations.
READ ALSO: As Office Pipeline Shrinks, Existing Class A Buildings Should Benefit
Between 2015 and 2018, the company’s headquarters footprint initially grew from 27,000 square feet to 43,000 square feet at the office park, again according to SEC filings. The latest expansion, in 2018, brought the firm’s presence to its currently occupied 55,869 square feet. The lease was due to expire in 2026.
Cushman & Wakefield Director Annie Lewis Gomez said, in prepared remarks, that SiteOne was able to attain immediate savings by not waiting for the lease’s natural expiration and committing to an early renewal.
The campus’ LEED Gold certified buildings came online between 1996 and 2001. Floorplates range from 24,650 to 28,619 square feet. Keeping up with current office space trends, an overhaul in 2019 added amenities such as a gym and outdoor seating areas.
Additional features include a lounge, conference center and EV charging stations. Tenants at the property include Yardi Systems, Kloeckner Metals and Humana, among others.
The campus’ buildings bear the addresses 300 and 500 Colonial Center Parkway, as well as 100 and 200 Mansell Court E. Several transit stops, retail facilities and quick-service restaurants operate within walking distance. Downtown Roswell and Atlanta are roughly 3 and 24 miles away, respectively.
More suburban office leases signed in metro Atlanta
Metro Atlanta’s office leasing activity surged by 43.9 percent quarter-over-quarter and clocked in at 1.8 million square feet, a Cushman & Wakefield report shows. Even so, the vacancy rate reached 25.0 percent in June, marking a 30 basis-point increase.
Some suburban office markets are outperforming the Central Business Districts in terms of leasing, as the aging millennial population explores suburban housing options, according to Marcus & Millichap Senior Vice President Al Pontius.
That was partially reflected in Cushman & Wakefield’s report, as 44 leases were signed in the CBD in metro Atlanta, as opposed to 83 in suburban areas. However, in terms of total square footage, the suburban leases fell behind the urban ones by 10.5 percent.
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