Atlanta Trophy Tower Lands Lease for 180 KSF Headquarters

Building and Land Technology has entered into a lease agreement for 180,000 square feet in Atlanta’s Queen Tower in Concourse Office Park, as reported by Atlanta Business Journal. Newell Brands Inc. will move its headquarters to the Trophy Tower by mid-2025. Cushman & Wakefield negotiated the transaction on behalf of both parties.

Newell will move from 6655 Peachtree Dunwoody Road where it has resided for nearly a decade, expanding its presence at the new location by approximately 20 percent. The consumer goods company acquired this property from US Bank – REO in 2015 for $14.5 million, according to CommercialEdge data. After the move, Newell will fully occupy floors 7 through 11, as well as floors 15 and 17, as well as the first floor of the tower owned by Building and Land Technology.

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The move is part of a broader corporate restructuring initiative led by Newell, according to Atlanta Business Journal, which also includes consolidating the company’s business units, streamlining its office footprint and reducing its office workforce by 7 percent. The tenant also plans to invest more than $50 million in the new location, according to public documents.

Completed in 1991, the Queen Tower rises 33 stories and spans some 697,400 square feet. Building and Land Technology acquired it in 2015 from Regent Partners in a larger $489 million portfolio deal, CommercialEdge disclosures reveal. In 2017, the asset was subject to a $130.8 million loan maturing in 2025, part of a $259.7 million portfolio loan held by Morgan Stanley bank. Other tenants at the property include Verifacto, System Soft Technologies and Quest Financial.

An important office commitment for Atlanta

Newell’s lease increased the building’s occupancy rate to 92 percent. The deal represents the fifth new lease covering more than 100,000 square feet in the second quarter and the largest office lease in the Central Perimeter since 2018, according to Cushman & Wakefield.

Located at 6 Concourse Parkway, the building is off Interstate 285 and approximately 16 miles north of downtown Atlanta. It is also within walking distance of Perimeter Mall, as well as other retail outlets.

Cushman & Wakefield Senior Director Caroline Nolen, Managing Director Andy Sumlin and Director Jillian Bailey represented the owner in the transaction. Working on behalf of the tenant were the company’s Executive Director April Parrish, Senior Director Joe Garvey and Executive Managing Director Kirk Diamond, as well as Managing Director Erin Smith and Senior Transactions Manager Steven Taylor.

The Atlanta Office Leasing Landscape

In April, the average listing rate in the Atlanta office market stood at $31.68, below the national figure of $37.66 but up 3.8% year over year. ‘other, according to a recent CommercialEdge report. The vacancy rate in the metropolitan area stood at 18.4 percent, comparable to the national rate of 18.3 percent, and 130 basis points lower than the same time last year. last.

Recently, Stream Realty Partners was hired to lease 3630 Peachtree, a Class A+ office building in Atlanta spanning 438,000 square feet. The owner, Granite Properties, acquired the asset in 2022 from Heitman, paying $202 million for it.