Morgan Stanley Inks 100 KSF Expansion at Atlanta-Area Complex

July 31, 2023

The tenant will now fully occupy the 216,000-square-foot Class A office campus.

The Edison. Image courtesy of Stream Realty Partners

Morgan Stanley has signed a 100,000-square-foot lease extension at The Edison, a two-building office complex in Alpharetta, Ga. The financial services company expanded its original, 116,000-square-foot lease, fully occupying the Class A office campus.

Stream Realty Partners’ team of Managing Directors Peter McGuone and Bryan Heller negotiated on behalf of the landlord, Invesco Real Estate, while JLL represented the tenant. The owner picked up the property in 2020 from seller TPA Group, according to CommercialEdge.

Built between 2018 and 2020, the office complex consists of a pair of two-story buildings located at 1 and 3 Edison Drive, and includes two passenger elevators, 27,000-square-foot floorplates and a total of 1,078 vehicle parking spots, according to the same source. The property also features 10,000 square feet of amenity space, on-site café, a clubhouse, a fitness center, a conference center and outdoor meeting spaces.

Situated on an approximately 35 acres in the North Fulton submarket, the campus is close to Georgia State Route 400. The property is 3 miles from downtown Alpharetta, 27 miles from downtown Atlanta, 30 miles from Marietta and within 38 miles of Hartsfield–Jackson Atlanta International Airport.

Office leasing improves in Atlanta

Atlanta’s office vacancy rate improved in April, a recent CommercialEdge market update shows. The market started the year at 20.0 percent vacancy. The metro showed signs of improvement in March, when it’s vacancy lowered to 19.8 percent, further decreasing slightly in April, to reached 19.7 percent. That same month, JPMorgan Chase & Co. expanded its Atlanta footprint with a 40,000-square-foot deal at Monarch Tower.

Earlier this year, The Transportation Security Administration signed a 44,000-square-foot office lease at 1500 Centre in Atlanta’s East Point suburb. The 97,969-square-foot, Class A property is situated within Camp Creek Business Center.