Lincoln Property Company Southeast Brokers 50,000 Square Feet of Office Leases in North Fulton
Lincoln Property Company Southeast has brokered more than 50,000 square feet of new leases, renewals and expansions in metro Atlanta’s North Fulton market in the last 45 days. Hunter Henritze and Michael Howell, both vice presidents of office leasing for Lincoln Property Company Southeast, represented the landlord, Equity Office, in the transactions.
The transactions are as follows:
• HQ Global signed a renewal for 19,251 square feet at One Northwinds in Alpharetta. Ryan Hudson of CBRE represented the tenant.
• Pexco signed a renewal and expansion totaling 10,585 square feet at Three Northwinds in Alpharetta.
• NuRock Development signed a new lease for 6,935 square feet at 800 North Point Parkway in Alpharetta. Stephen Pond of NAI Brannan Goddard represented the tenant.
• Trimble Navigation signed a renewal for 4,988 square feet at Three Northwinds. Bill Baldwin and Tom Tindall of Cresa Partners represented the tenant.
• Omni Source Corp. signed a renewal and expansion totaling 2,706 square feet at Preston Ridge IV in Alpharetta. John Thornton of CBRE represented the tenant.
• Sumitomo Life Insurance Agency signed a renewal for 2,670 square feet at Three Northwinds. Day Lancaster of NAI Brannan Goddard represented the tenant.
• Nova Energy signed a new lease for 1,671 square feet at Three Northwinds. John Organ of REMAX represented the tenant.
• Dodge Communications signed a 1,425-square-foot expansion at 600 Northwinds in Alpharetta.
• Anchor Home Mortgage signed a 1,557-square-foot expansion at Preston Ridge IV.
The Alpharetta office buildings are part of a 1.9-million-square-foot portfolio of Class-A North Fulton buildings that Lincoln is leasing on behalf of Equity Office.
“These recent transactions represent the latest evidence of the outstanding job our team is doing leasing and managing this portfolio,” said Tony Bartlett, senior vice president of Lincoln Property Company Southeast. “As a result of our collective efforts, this portfolio is significantly outperforming the rest of the North Fulton office market. With more than 400,000 square feet of leasing activity in 2012, this most recent activity has generated outstanding momentum for 2013.”
For example, the portfolio currently has a vacancy rate of only 12 percent, compared with 21.2 percent for the Class-A office market in North Fulton as a whole. The portfolio experienced approximately 136,000 square feet of positive net absorption in 2012, while the Class-A North Fulton market overall had net absorption of negative 230,378 square feet. In addition, average rental rates have increased nearly 4 percent in the last 12 months.