By Tony Wilbert, WNS PR
ATLANTA (Aug. 17, 2010) - 1075 Peachtree just might be the last speculative trophy office tower built in Atlanta. That's my assessment after reading Henry Unger's column in today's Atlanta Journal-Constitution.
Here's how I reached this conclusion. In Henry's column, Studley President Michael Colacino and key Atlanta executive Clark Dean offer their thoughts on the national office market. Coliacino states bluntly that office tenants today are "in a positon of control like never before."
That's interesting. But the most though-provoking comment from the execs is that the days of developing speculative trophy towers without any preleasing are gone - forever. Forget about getting a lender to fund one of these again. Based on this logic, 1075 Peachtree would be the last spec trophy office tower in Atlanta.
Daniel Corp. and Selig Enterprises developed 1075 Peachtree, the office component of the massive 12th & Midtown mixed-use development, on a pure spec basis, with no tenants signed. And at 725,000 square feet, 1075 Peachtree is the largest multitenant office tower developed in Atlanta since - hell, since SunTrust Plaza.
The office tower at 1075 Peachtree has landed several tenants, including law firms Seyfarth Shaw and Fisher & Phillips. It also signed Boston Consulting Group, and we hear another high-profile law firm is seriously considering the 38-story tower with a Loews Hotel built in.
If 1075 Peachtree indeed is the last of the spec trophy office towers in Atlanta, at least it will have a bunch of high-profile tenants - and a nice seven-figure light wall - to celebrate.
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