Jamestown Seals City Hall East Sale; Morris, Manning & Martin Stays in Buckhead
- Jul 15, 2011
After months of negotiations, Jamestown Properties has sealed the deal on its acquisition of the massive City Hall East complex. A onetime center of commerce and largest brick building in the Southeast, the property fetched $27 million, according to the Atlanta Business Chronicle.
The complex, a former Sears, Roebuck and Co. regional warehouse, catalog distribution center and retail store, is slated for redevelopment as a 2.1-million-square-foot live-work-play destination. Jamestown Properties is teaming with Green Street Properties on a $180 million project located at Ponce de Leon and North Avenues. Dubbed Ponce City Market, the project calls for a mix of stores, restaurants, offices and residences. With 500,000 square feet of premier office space and several hundred apartment and condominium residences projected, Ponce City Market is being positioned by its developers as a showcase of urban revitalization. For further details on the past and future of City Hall East, read Barbra Murray’s additional coverage of the topic.
In other real estate news, the decision by Morris, Manning & Martin L.L.P. to extend its lease at Atlanta Financial Center has come as a major surprise. In May, the law firm announced plans to relocate its headquarters to the Campanile Building. Morris, Manning & Martin moved to Atlanta Financial Center in 1987, when it occupied 39,000 square feet. The new lease, which extends through July 2026, encompasses 125,000 square feet with options for expansion. The contract also calls for major redesign and renovation work and an upgrade to the lobby and common areas.
Regarding the reasons for the law firm’s change of heart, Morris, Manning & Martin and the building’s owner, John Dewberry of Dewberry Capital Corp., have said publicly that lease negotiations broke down over financial terms. Also, the Campanile Building’s lender, Georgia’s Own Credit Union, did not agree to the terms requested by the law firm.