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3475 Piedmont Road Northeast

Updated Dec 18, 2024

SouthState Bank Leases 87000 Square Feet At Prominence Tower In Atlanta From New York Life Real Estate Investors
LEASEDOffice

SouthState Bank Leases 87000 Square Feet At Prominence Tower In Atlanta From New York Life Real Estate Investors

3475 Piedmont Road Northeast

Building Size

87,000 SF

Asset Type

Office

Closing

Dec 16, 2024

About this deal

AI

The property asset involved in this transaction is located at 3475 Piedmont Road Northeast in Atlanta, GA. The lease pertains to an office space measuring 87,000 square feet and is part of a larger 433,000-square-foot building known as Prominence Tower. The property is owned by New York Life Real Estate Investors and is notable for its Class A status, comprising 19 stories, and boasting LEED Gold certification. Recent renovations amounting to $8 million have been invested into the property, which also features a fitness center and is conveniently located near MARTA.

Summary of transaction details:

SouthState Bank has signed a lease for the premises, securing top-of-building naming rights as the largest tenant within the property. The transaction highlights the involvement of key individuals such as Aileen Almass and Andy Sumlin representing New York Life Real Estate Investors, alongside Josh Hirsch and Patrick Baughman who acted on behalf of SouthState Bank.

Players

Josh Hirsch

JLL

Broker

1 deal

Broker

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Purchase Price

Annual NOI

Loan Amount

Interest Rate (%)

Loan Term (yrs)

Down Payment (%)

Cap Rate

5.80%

Cash-on-Cash

-1.66%

Monthly Payment

$14,164

Annual Debt Svc

$169,964

Annual Cash Flow

$-11,334

DSCR

0.93

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