Regions Bank Stays Put in Atlanta with 100KSF Lease Renewal

PGIM Actual Property has signed longtime tenant Areas Financial institution to a lease settlement that may maintain the monetary establishment in its present dwelling at Areas Plaza in Midtown Atlanta for a further 14 years. Areas Financial institution, which occupies simply over 100,900 sq. ft of area on the property, may even proceed to have its title grace the crown of the five hundred,000-square-foot, 24-story tower.

Situated on a virtually 2-acre website at 1180 W. Peachtree St., Areas Plaza first opened its doorways in 2001 as Atlantic Middle Plaza. In 2011, Birmingham, Ala.-based Areas Financial institution inked a lease for roughly 80,000 sq. ft on the Smallwood, Reynolds, Stewart, Stewart & Associates-designed property, which, just a few years later, took on the moniker of Areas Plaza. Quick-forward to 2017, PGIM acquired Areas Plaza from Crocker Companions, now CP Companions, for $176 million in one in every of Atlanta’s largest workplace offers of that yr.

Kevin Driver and Steve DeVinney of Stream Realty Companions, which handles leasing for Areas Plaza on behalf of PGIM, represented the possession within the transaction with Areas Financial institution. ICON Industrial Pursuits’ Jimmy Sanders, Mitch Kahlert, and Harry DeAntonio negotiated for the tenant. Together with the Class AA workplace area, Areas Financial institution has a full-service financial institution location on-site and staff have entry to the LEED- and Fitwel-certified property’s lengthy checklist of facilities, which features a health facility, café and convention choices.

One thing about Midtown

Atlanta’s workplace sector continues to battle with shaking off the damaging penalties of the pandemic. A few of the small victories may be attributed to Midtown. In response to a report by Cushman & Wakefield: “Because the tempo of latest vacancies hitting the market slowed considerably through the first quarter, central enterprise district emptiness dropped a modest 10 foundation factors quarter-over-quarter. This lower was primarily pushed by Midtown, which was the one submarket in Metro Atlanta to kick off 2022 with a quarterly emptiness enchancment.”

Moreover, Midtown was one in every of solely three of Atlanta’s 9 submarkets to put up constructive web absorption within the first quarter and led the market on this essential benchmark with practically 160,000 sq. ft in total web absorption, writes the Cushman & Wakefield report. Midtown was additionally on the prime in leasing exercise with practically 314,000 sq. ft of latest leases signed within the first quarter of 2022.