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CoStar News: Atlanta-Area Engineering Firm to Move to New Offices

11 May 2020

An Atlanta-area construction management and engineering firm plans to relocate its headquarters from one Peachtree Corners, Georgia, building to another.

Thompson Ehle Co. has leased space at 2 Sun Court and plans to move into its new space later this year, according to Lincoln Property Co. Southeast, which leases the building for owner Redline Property Partners of Atlanta.

Thompson Ehle, which has a branch office in Houston, has occupied 10,000 square feet at 50 Technology Parkway since March 2005, according to CoStar data. Thompson Ehle executives did not immediately respond to questions about how much space the firm will occupy at 2 Sun Court.

Redline acquired the four-story, 98,040-square-foot building at 2 Sun Court in 2017 for $11.2 million, or $114 per square foot, according to CoStar.

The owner recently completed a major renovation to the building that included upgrades to the lobby, corridors, common areas, elevators and restrooms. Redline also created an outdoor tenant lounge area and redesigned and upgraded the original base building systems, such as plumbing and mechanical work. It also installed Wi-Fi-connected meeting spaces and established on-site food delivery programs with a series of revolving food trucks.

Andrew Webb, principal of Redline, said landing the Thompson Ehle deal is a win for the building. “We tailored our renovation of 2 Sun to meet the needs of today’s tenants in our quest to deliver an improved property that provides exceptional experience at great value,” Webb said in a press release.

Matt Davis, a broker with Lincoln Property who leases space at 2 Sun Court with colleague Matt Fergus, said Peachtree Corners’ roster of corporate tenants is growing. “We are continuing to see ongoing interest in the Peachtree Corners submarket from a number of top-tier tenants,” said Davis.
Peachtree Corners has a slew of older office buildings, and owners such as Redline that invest in upgrades will be better poised to attract and retain tenants, according to a market report by CoStar managing analyst David Kahn and market analyst Trenton Turner.

“Renovation of outdated office space and new construction in walkable areas of the submarket could boost Norcross/Peachtree Corners’ appeal to tenants in the coming years,” Kahn and Turner wrote in the report. “Furthermore, submarket occupancies will improve when the long-vacant 221,000-SF former Fiserv campus is demolished in 2020 to make way for a for-sale senior housing community.”

With the Thompson Ehle lease, four spaces remain available at 2 Sun Court. They range from 3,154 square feet to 10,227 square feet.

For the Record

Kevin Carroll of CBRE represented Thompson Ehle in the transaction.

-Tony Wilbert, CoStar News