Bank Leases 87 KSF at Atlanta Office Tower

SouthState Bank has signed a long-term, 87,000-square-foot lease at Prominence Tower in Atlanta. New York Life Real Estate Investors owns the 433,000-square-foot office building.

Part of the deal involves SouthState Bank receiving top-of-building naming rights, as the company is now the largest tenant at the property.

Partners Real Estate’s Aileen Almassy and Andy Sumlin represented the owner, while JLL’s Josh Hirsh and Patrick Baughman worked on behalf of the tenant.

The Atlanta office market had a 17.8 percent vacancy rate in October, according to a recent CommercialEdge report. While 160 basis points lower than the national rate, the index was up by 80 basis points over the year.

LEED Gold-certified office tower

NYL Real Estate Investors acquired Prominence Tower in December 2018 from Crocker Partners—now CP Group—for $166 million, according to CommercialEdge data. A five-year, $86.6 million loan originated by Equitable financed the transaction.

Located at 3475 Piedmont Road NE in the Buckhead district, the Class A property rising 19 stories has average floorplates of 24,000 square feet. During the pandemic, the ownership invested $8 million in renovations and, in 2020, Prominence Tower received the LEED Gold and Wired Platinum certifications.

Property amenities currently feature a conference facility, lobby coffee bar, fitness center and bike storage room, as well as a seven-level parking garage attached to the main building. The tenant roster includes GE Digital, Jones & Kolb, Waypoint Residential, Prophet and NetRoadshow Inc.

The office building is some 9 miles from downtown Atlanta, within walking distance of many restaurants, shops and hotels. Buckhead MARTA station is less than 1 mile away; Georgia State Routes 141 and 400 are also nearby.