ATLANTA — SunTrust Bank has signed a 10-year lease with Miami-based America’s Capital Partners for 252,822 square feet in the firm’s 451,000-square-foot Marquis II office tower. The property, which is more than 96 percent leased, is part of the 2.55 million-square-foot Peachtree Center mixed-use development. More than 250 tenants populate the property’s six buildings, which also include 140,000 square feet of retail space. Marquis II is located at 285 Peachtree Center Ave. in Atlanta.
“From start to finish, the transaction was completed in a little over 6 months,” says Bill Hollett of America’s Capital Partners. SunTrust will move from its current location at 250 Piedmont Ave. in Atlanta to Marquis II in 2011. Hollett and Mike Werner as well as CB Richard Ellis’ Chris Port and Jeff Keppen represented America’s Capital Partners. Frank Mann and Tony Zivalich of Cushman & Wakefield represented SunTrust.
In Atlanta’s tight office market, Peachtree Center, which was constructed in the late 1960s and early 1970s, stood out to SunTrust. “The bank undertook a study of a lot of different opportunities, not only downtown but outside of downtown as well,” Hollett says. SunTrust weighed the amenity base, ownership strength, prestige of the complex and the lease terms of each property considered, and Peachtree Center came out on top. “At the end of the day,” Hollett says, “the bank took all those considerations and chose to go to Peachtree Center based on its complete package.”
— Jon Ross