A global insurance giant just inked one of the biggest leases in Atlanta this year.
American International Group will occupy 180,000 square feet in a DeKalb County development called Perimeter Summit, the Atlanta Business Chronicle reported. The development includes three office buildings, at 1001, 2002 and 4004 Summit Boulevard, but the address of the AIG lease — which triples its office footprint in the Atlanta metro — wasn’t reported.
Spear Street Capital bought the three-building office complex, spanning almost 1.3 million square feet, for $247.5 million in January of last year, Globe Street previously reported. That puts the price at $191 per square foot. The seller’s identity wasn’t reported.
The landlord has been investing in amenities to attract tenants, including walking trails, outdoor workspaces with WiFi, gardens, and bocce ball courts, plus updated lobbies and indoor common areas.
JLL handles leasing at the complex, and besides the AIG lease, it also brokered almost 48,000 square feet of leases there this month, according to a news release.
AIG plans to open a 1,200-employee digital innovation hub, with plans to hire 600 more employees. It will consolidate employees from offices it leases in Buckhead and Alpharetta, the outlet reported.
The company reportedly scouted locations throughout the Sunbelt, from Texas to other Southeastern cities, before selecting Atlanta as the site for its office hub.
AIG’s large lease may signal a resurgence in large office leases.
In a third-quarter earnings call, Ted Klinck, CEO of Highwoods Properties, Atlanta’s third-largest office landlord, shared optimism for that trend.
“Size is back,” Klinck said.
Other major Atlanta office leases this year include law firm Morris, Manning and Martin’s deal for 104,000 square feet in Highwoods’ Two Alliance Center in Buckhead. Public supply-chain software provider Manhattan Associates renewed its 210,000 square feet at 2300 Windy Ridge Parkway.
The other recent leases at Perimeter Summit were: 15,000 square feet for accounting software provider FinQuery, 11,600 square feet for Chicago Title Insurance Company, 9,400 square feet for healthcare data provider HealthLink Dimensions and 6,000 square feet for insurance brokerage American Global.
—Rachel Stone
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