PwC US Signs at Atlanta Mixed-Use Property
- Feb 14, 2011
February 14, 2011
By Barbra Murray, Contributing Editor
A new name will soon be added to the office tenant roster at 12th & Midtown, a $2 billion upscale mixed-use project in Midtown Atlanta, now that PwC US has signed a lease with property owner Daniel Corp. for 140,000 square feet.
Daniel Corp. and partners Selig Enterprises and MetLife are behind the creation of the 3 million square-foot 12th & Midtown project which, stretching four city blocks, is the centerpiece of Atlanta’s Midtown Mile. Completion of the $600 million second phase of the development last year yielded the 400-room Loews Atlanta Hotel, 52 luxury residences, 60,000 square feet of flagship retail, as well as the 725,000 square-foot office building carrying the address of 1075 Peachtree Street. PwC will occupy five floors of the 38-story tower, which will bear the tax and advisory firm’s name.
Atlanta has no shortage of new trophy office properties. There is the 564,000 square-foot Terminus 200 in Buckhead, where Kids II Inc. signed a new lease for 100,000 square feet of office and showroom space last year; the 670,000 square-foot tower at 1180 Peachtree St. in Midtown; the 400,000 square-foot Glenridge Highlands Two; and the list goes on. According to a report by commercial real estate services firm Jones Lang LaSalle, there were 17 blocks of 100,000 to 200,000 square feet of contiguous class A office space on the market in the fourth quarter.
However, PwC did not simply close its eyes and select the first premier Atlanta office property that came to mind. The company decided to sign a 16-year lease at 1075 Peachtree because the building was spot on in meeting the company’s list of criteria.
PwC marketing managing partner Gary Price noted that the new building’s amenities, features, architecture and location were too compelling to pass up.
The latter specification was of particular importance. PwC looked at sites in the Downtown and Buckhead submarkets, carefully analyzing traffic, commuting options for employees and client access. Midtown was the clear favorite. PwC is scheduled to relocate to its new home in mid-2012.