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:
- Property Type: Office
- Transaction Amount: Not specified
- Address: 3475 Piedmont Road Northeast, Atlanta, GA
- Landlord: New York Life Real Estate Investors
- Tenant: SouthState Bank
- Landlord's Representative: Aileen Almass & Andy Sumlin - Partners Real Estate
- Tenant's Representative: Josh Hirsch & Patrick Baughman - JLL
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
Atlanta Office Market Snapshot
Boundary boundary · Office · Lease transactions
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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