Lincoln Property Company Southeast Executes More Than 150,000 Square Feet of Office Leases Across Metro Atlanta on Behalf of TerraCap
ATLANTA (July 14, 2022) – Lincoln Property Company Southeast (Lincoln) has negotiated 20 new leases, renewals and expansions totaling 155,152 square feet across TerraCap Management, LLC’s Metro Atlanta office portfolio. All deals closed within the first five months of 2022. Lincoln’s Matt Fergus, Hunter Henritze and Seabie Hickson oversee leasing on behalf of TerraCap.
“We are extremely pleased with the leasing results that Lincoln Property Company has achieved for us during the first half of 2022. Despite the recent headwinds in office demand, the positive leasing momentum LPC generated helped us meet our investment objectives and put us in a positive position to sell some key assets,” said Matt Stewart, the Director of Asset Management for TerraCap Management.
Approximately 123,323 square feet of recently signed deals are new leases. Notable transactions include the following:
- Trenton Systems, an OEM providing cybersecure computing solutions to aerospace and defense programs, signed a new 50,000-square-foot lease at 3100 Breckinridge in Duluth, Georgia.
- Sparus Holdings Inc., a provider of business outsourcing services focused on the gas and electric utility markets, signed a new 19,702-square-foot lease at 192 Tech Park in Norcross, Georgia.
- Essential Ingredients, a distributor of specialty chemicals for the personal care and household cleaning industries, signed a new 12,022-square-foot lease at Huntcrest I in Lawrenceville, Georgia.
- National Surveying, Planning and Engineering firm, Carter & Clark signed a new 21,386-square-foot lease at Huntcrest III in Lawrenceville, Georgia.
- CURE Childhood Cancer, a nonprofit organization that funds childhood cancer research and supports patients and their families, renewed and expanded its lease to 10,928 square feet at Building 200 Ashford in Atlanta’s Central Perimeter.
“Recent deals closed across TerraCap’s portfolio speaks to the active leasing season we have experienced in the first half of this year, and to the quality and resilience of TerraCap’s Atlanta-based assets,” said Lincoln’s Fergus. “This momentum is promising for the rest of Atlanta’s office market, and the diversity we’re seeing in tenant signings shows a desire among all industry types to return to an office environment in some capacity. We are proud to continue partnering with TerraCap in providing office space to businesses throughout Metro Atlanta.”
According to a report from Lincoln, suburban submarkets surpassed urban submarkets in square footage leased in Metro Atlanta during the Q1 2022 leasing season. Recovery in the market is still in motion, though, as vacancy rates rose across the board and negative absorption was seen in every submarket but Downtown and West Midtown. Northeast Atlanta saw a vacancy rate of 18.3% in the first quarter, the lowest among Metro Atlanta’s major office submarkets.