1500 CENTRE PARKWAY

LPC ATLANTA
EAST POINT

Jae Lee and William Ruppe led and represented ownership in the procurement, resulting in CBP moving to 1500 Centre Parkway for a new long-term lease. Jae and Will partnered with Lincoln Property Company’s Atlanta Office, recognizing that the Government had a presence in the East Point Submarket of Atlanta.

After finalizing the listing agreement in January of 2020, Jae and Will identified this opportunity in Late February. Originally, GSA had only allowed for 7 days to respond to their advertisement. Jae and Will recognized that GSA’s Leasing Desk Guide required a minimum of 20 Calendar Days to respond to a AAAP advertisement. GSA subsequently modified the due date to the end of the next month, affording enough time to review CBP’s requirements and properly respond to the opportunity.

Jae and Will handled all lease negotiations on behalf of ownership, most importantly keeping CBP on the first floor despite CBP & GSA’s many requests for the second floor. This was critical to ownership, as LPC’s Atlanta Office had already leased the remainder of the first floor and wanted to keep the entirety of the second floor available, opposed to partial vacancies on both. Additionally, Jae and Will maintained ownership’s position that the project was procured as an FSL II, despite the Government disclosing their request for FSL III improvements post-award, lessening impact to future private sector leasing in the multi tenanted building.

Jae and Will were able to achieve a rental rate of $32.85/RSF, inclusive of 12 Months Free Rent and $55.85/ RSF in Tenant Improvements. The awarded rental rate was above market, especially for 1st Floor Space. The lease was awarded in September 2020, with anticipated acceptance of space by the end of 2021.