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999 Peachtree office tower off the market

A look at a trio of Midtown related commercial real estate news tidbits

Jamestown, which three months ago announced plans to sell the 28-story 999 Peachtree building at the corner of Peachtree and 10th streets, has now pulled the tower off the market.

The Atlanta Business Chronicle reported Monday that the company had been seeking offers in excess of $160 million for the 620,000-square-foot building, but now feels it can garner a higher value over the course of the next 18 to 36 months. Read more from the ABC here.

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The ABC also reported Monday that Atlanta- and New York-based BLiNQ Media plans to relocate from a 2,700 square-foot space at Advance Technology Development Center to a 22,000 square-foot office in Midtown’s Promenade II office tower.

The expected December relocation will come about four months after BLiNQ Media, which assists companies advertise and engage with consumers through social media networks, was acquired by Gannett Co. Read more from the ABC here.

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Midtown-based commercial real estate services provider Cassidy Turley announced Monday it has brokered the lease of 26,800 square feet of space at Buckhead’s Phipps Tower for CoStar Group, Inc., a commercial real estate information, analytic and marketing services provider.

Cassidy Turley’s Senior Managing Director Kirk Diamond, Managing Director Bradley Fulkerson and Associate April Hawkinson represented CoStar in the 11-year lease of a full floor at Phipps Tower.

CoStar’s criteria for space included convenient access, prominent signage and proximity to amenities. With the help of Diamond, Fulkerson and Hawkinson, CoStar was able to secure all three criteria including a coveted spot on Phipps Tower’s new digital LED sign.

“Cassidy Turley is honored to have worked with the world’s No.1 commercial real estate information, analytics and marketing provider,” said Diamond in a press release. “Phipps Tower provides CoStar with excellent space in Buckhead’s highly sought-after office market.”

JM Hurricane October 23, 2012 at 03:29 AM
I certainly hope they're right in 36 - 48 months, maybe. This is one of the sharpest buildings in Midtown and a great location. Renters (quality) and rent determine commercial property value and NFV. Question is just who will be coming to fill the space? Curious to know the occupancy percentage? The BofA Tower down the street is empty except for the maintenance guy who turns on the cool light at the top every night.
Sad Clown October 23, 2012 at 04:21 AM
If Obama is reelected, then the building will be worthless in 48 months. Sell now and convert to gold!

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