SunTrust Robinson Humphrey Inc. is now the largest tenant in Buckhead, with a deal to expand its space and extend its lease at the Atlanta Financial Center, 3353 Peachtree Road.
The financial services company signed a lease amendment with the international real estate firm Hines to expand into an additional 137,596 square feet of space, increasing its total occupancy in the complex to 229,894 square feet, according to a news release from Wilbert News Strategies. SunTrust Robinson Humphrey’s lease term will be re-set to nearly 11 years.
With the deal, following upon a lease extension with the international law firm Morris, Manning & Martin, the Atlanta Financial Center’s occupancy is now nearly 85 percent, Hines said.
In July, Morris, Manning & Martin signed a 15-year lease extension with Hines that increased its Atlanta Financial Center space to 118,281 square feet. The company had been negotiating to move into the Campanile building in Midtown.
SunTrust Robinson Humphrey has been a tenant at Atlanta Financial Center since partners of predecessor firm Robinson Humphrey were involved in the complex’s development in the 1980s, the news release said.
“Our firm has had its headquarters at the Atlanta Financial Center for years,” said Hugh S. “Beau” Cummins, president and CEO of SunTrust Robinson Humphrey in a statement. “After several years of rapid growth we needed to re-evaluate our real estate needs. I think this is the right place for us.
“As the largest tenant in the building and, now, the largest tenant in Buckhead, we look forward to remaining a key part of Atlanta’s vibrant financial district."
Morris, Manning & Martin has been a tenant of the Atlanta Financial Center since 1987. With the lease extension and expansion, the law firm's space will be upgraded and equipped with the latest technology.
According to the news release, the law firm was represented in lease negotiations by Gannon Shepherd and Duncan Gibbs of Jones Lang LaSalle. SunTrust Robinson Humphrey was represented in lease negotiations by Dom Wyant, Brad Armstrong and Chris Wagner of Jones Lang LaSalle. Hines was self-represented by John Heagy, Tori Kerr, Brian Eichenseer and Scott Martin.
Bucking the trend in the sluggish Buckhead submarket, Atlanta Financial Center has increased its lease percentage to 84 percent as of July, with more leasing to be announced, the news release said, noting that nearly 2.5 million square feet of new Class A office space has been brought to the market since 2007.
The financial center has captured Buckhead market entrant North American Electric Reliability Corp. in a 39,510 square foot headquarters lease for 11 years, has expanded and extended its lease with Massachusetts Mutual Life Insurance Co., and concluded numerous additional new leases including Prudential Insurance, Heineken, and the DeMoss Group.