FDIC Regional Office Re-Ups in Midtown Atlanta

FDIC, the banking oversight agency, has re-upped for 102,619 square feet at Ten 10th Street, the building's owner, Parkway Properties Inc., said Monday.

October 31, 2011
By Paul Rosta, Senior Editor

One of the Federal Deposit Insurance Corp.’s six regional offices will be staying put in its current space for a while. The federal banking oversight agency has re-upped for 102,619 square feet at Ten 10th Street in Atlanta’s Midtown submarket, the building’s owner, Parkway Properties Inc., said Monday.

Among the building’s inaugural tenants, FDIC has taken space at Ten 10th Street since 2002. Today the agency occupies nearly a quarter of the 410,624-square-foot building, which is also known as Millennium in Midtown. Terms of the deal were not revealed by Parkway Properties, which described the lease only as “long-term.”

Although there was no specific information disclosed about the price points for FDIC’s lease, asking prices for available spaces in the building  are several notches higher than average prices for comparable office space in the Atlanta market.  Parkway’s Web site lists asking rents for other available spaces in the building at $28.50 per square foot. In comparison, Marcus & Millichap Real Estate Investment Services Inc. estimates that average asking rents for Class A office properties in the Atlanta metropolitan area were $24.12 per square foot at midyear.

“The building provides this crucial federal agency a modern, Class A space with the latest high-technology infrastructure,” said Parkway senior leasing associate Mike Werner, who teamed with senior vice president & senior asset manager Bill Hollett to represent the property in house. FDIC was represented by David Kilborn, a senior vice president in the local office of Grubb & Ellis Co.