Resurgens Specialty Underwriting Insurance (RSUI), one of Resurgens Plaza’s lead tenants, isn’t going anywhere. That doesn’t make Buckhead office developers with speculative projects particularly happy, but it certainly pleases CB Richard Ellis Senior Vice President Greg Frankum.
“It’s just the kind of building where you get there and you don’t want to leave,” said Frankum, who leases Resurgens Plaza on behalf of owner Morgan Stanley.
RSUI, whose original lease was set to expire in 2009, renewed for 10 years and approximately 125,000 square feet at the 27-story, 393,260-square-foot Class A tower at 945 E. Paces Ferry Road in Buckhead. An army of Cushman & Wakefield brokers, John O’Neill, Travis Jackson, Christopher White, Alison Bittel, Addison Meriwether and Ryan Irvine, represented RSUI.
RSUI’s renewal firms up Morgan Stanley’s imminent disposition of the property, which is 92.5% leased according to CoStar information. Tom Beneville and Mark DeRiemer of Jones Lang LaSalle’s New York office are marketing the building on behalf of Morgan Stanley.
With RSUI wrapped up at Resurgens Plaza, speculation abounds about preleases for Regent Partners’ 3344 Peachtree mixed-use development about a block north of the intersection of Peachtree and Piedmont roads. Regent is hosting an event tonight and may formally announce early commitments for its more than 480,000 square feet of office and retail space at 3344, which is adjacent to Regent’s landmark Tower Place mixed-use development. Naturally, Regent executives and brokers involved are mum on the matter. Naturally, others are willing to talk.
Regent announced the 3344 Peachtree development in May 2005 and broke ground this spring. Many observers speculated early on about Regent’s ability to finance the project, and further speculation questioned the wisdom of proceeding without preleasing. Still, the development is scheduled to deliver in early 2008, and, according to a number of APN sources, Regent seems to be well on its way to a solid foundation for the project, which will include office and retail in its first 26 stories and 93 luxury condos in floors 28 through 50.
APN sources list First Horizon Bank and the Buckhead Club as sure bets to move to 3344 Peachtree from the Atlanta Financial Center. First Horizon, which is represented by Eric Ross of Trammell Crow Co., would take two floors, or about 50,000 square feet, and operate a bank branch from the building’s coveted Peachtree Street-facing retail space, according to a number of sources. The Buckhead Club, which is represented by Rick Lackey of City Commercial Real Estate, would occupy one floor, or about 26,000 square feet and could benefit from 3344’s residential component. First Horizon currently occupies more than 13,000 square feet at Atlanta Financial Center.
Jones Lang LaSalle and The Staubach Co. are also in the mix. Sources indicate that Jones Lang LaSalle is negotiating for two floors at 3344 Peachtree and, in turn, would lease and manage the property on Regent’s behalf. JLL has seven months remaining on its sublease of 38,810 square feet at Monarch Tower, where Grubb & Ellis has the leasing and management assignment. For its part, Staubach has about eight months remaining on its lease for approximately 15,000 square feet at Monarch Tower. Staubach executives indicate that 3344 Peachtree is under consideration but is one of many options.
Another trusted APN source suggests that airport security firm Air Serv is heading to 3344 Peachtree, but company CEO Frank Argenbright Jr. denies that any deal is in the works for his company, which subleases 18,154 square feet at the Lenox Building that was formerly occupied by CB Richard Ellis. Argenbright has appeared in marketing videos for 3344 Peachtree.
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