Hines Completes Two Major Transactions at Atlanta Financial Center in Buckhead
Sun Trust Robinson Humphrey, Inc. and Morris Manning & Martin, LLP Execute Leases to Expand and Extend
(ATLANTA) – The Atlanta office of Hines, the international real estate firm, announced today it has executed two major tenant lease expansions and extensions in Atlanta Financial Center. The transactions, one with a premier Atlanta law firm and the other with a well-respected financial advisory firm, bring the occupancy of Atlanta Financial Center (AFC) to nearly 85 percent. In the heart of Buckhead, the 904,499-square-foot, three-building complex is one of the most recognizable in all of Atlanta. Location in Atlanta’s financial district, superior amenity offerings, and improvements to the project’s common areas, coupled with the strength of sponsorship, have enabled the Atlanta Financial Center to capture more than its market share of absorption during the severe economic downturn.
Morris Manning & Martin, LLP, the international law firm, has signed a 15-year lease extension which includes an expansion of Morris Manning & Martin’s occupancy in the complex to a total of 118,281 square feet. SunTrust Robinson Humphrey, Inc., the national, full-service corporate and investment banking firm, has signed a lease amendment to expand into an additional 137,596 square feet of space, increasing their total occupancy in the complex to 229,894 square feet. SunTrust Robinson Humphrey’s lease term will be re-set to nearly 11 years.
Morris Manning & Martin was represented in lease negotiations by Gannon Shepherd and Duncan Gibbs of Jones Lang LaSalle. SunTrust Robinson Humphrey was represented in lease negotiations by Dom Wyant, Brad Armstrong and Chris Wagner of Jones Lang LaSalle. Hines was self-represented by John Heagy, Tori Kerr, Brian Eichenseer and Scott Martin.
Bucking the trend in the sluggish Buckhead submarket, Atlanta Financial Center has enjoyed outstanding leasing success, notwithstanding the delivery of nearly 2.5 million square feet of new Class A office space to the market since 2007. In addition to the major tenant expansions and extensions mentioned above, AFC captured Buckhead market entrant North American Electric Reliability Corporation in a 39,510-square-foot headquarters lease for 11 years, has expanded and extended its lease with Massachusetts Mutual Life Insurance Company, and concluded numerous additional new leases including Prudential Insurance, Heineken, and The DeMoss Group. In total, Atlanta Financial Center’s leased percentage has increased to 84 percent as of July 2011, with more leasing yet to be announced.
“Hines is thrilled to be able to grow our partnerships with our two major tenants at the Atlanta Financial Center, SunTrust and Morris Manning and Martin,” commented Hines Vice President Tori Kerr. “In this exceedingly competitive market, landlord sponsorship has become more critical than ever before, and we are honored that both of these fine companies have chosen to remain with Hines and expand their commitments to AFC.”
SunTrust Robinson Humphrey has been a tenant at Atlanta Financial Center since partners of predecessor firm Robinson Humphrey were involved in the complex’s development in the 1980s.
“Our firm has had its headquarters at the Atlanta Financial Center for years. After several years of rapid growth, we needed to re-evaluate our real estate needs. I think this is the right place for us,” said Hugh S. “Beau” Cummins, president and CEO of SunTrust Robinson Humphrey. “As the largest tenant in the building and, now, the largest tenant in Buckhead, we look forward to remaining a key part of Atlanta’s vibrant financial district.”
Morris, Manning & Martin has been a tenant of the Atlanta Financial Center since 1987. With the new extension and expansion, the venerable law firm's space will be upgraded and equipped with the latest technology.
"The Atlanta Financial Center has been a great location for us. We are excited this process has worked out so well," said Louise M. Wells, managing partner of Morris, Manning & Martin. "With key practice areas that include, among many others, commercial real estate, commercial finance, corporate technology and energy and infrastructure finance, as well as having daily interaction with leading financial institutions, we are well-suited to be located in the financial center.”
Atlanta Financial Center was acquired in 2001 by a partnership comprised of Hines and a major U.S. pension fund. Under Hines’ management, the building has been registered through the U.S. Green Building Council’s LEED® rating system and has earned the ENERGY STAR® label.
Hines entered the Atlanta real estate market in 1982 with the development of Ravinia in the Perimeter submarket, where the firm’s Southeast regional headquarters is located. Hines’ Southeast-area portfolio of owned and managed properties currently exceeds 6.7 million square feet.
Hines is a privately owned real estate firm involved in real estate investment, development and property management worldwide. The firm’s historical and current portfolio of projects that are underway, completed, acquired and managed for third parties includes 1,126 properties representing more than 459 million square feet of office, residential, mixed-use, industrial, hotel, medical and sports facilities, as well as large, master-planned communities and land developments. With offices in 106 cities in 17 countries, and controlled assets valued at approximately $23.7 billion, Hines is one of the largest real estate organizations in the world. Visit www.hines.com for more information.