KBS, on behalf of PRIME US REIT, has signed a four-floor lease extension with 72-year-old business law firm Arnall Golden Gregory LLP (AGG) for headquarters space at 171 17th Street, a 510,268 square-foot Class A office building in Atlanta, Georgia. The property, the first LEED Silver Core & Shell-certified building constructed in the world, is part of Singapore-based PRIME US REIT's portfolio. KBS, one of the largest investors in premier commercial real estate, serves as the U.S.-based asset manager for the portfolio.
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KBS, on behalf of PRIME US REIT, has signed a four-floor lease extension with 72-year-old business law firm Arnall Golden Gregory LLP (AGG) for headquarters space at 171 17th Street (Photo: Business Wire)
The transaction represents AGG’s desire to be centrally located at a top-quality office property with easy access to MARTA, as well as downtown and Buckhead, according to Marc DeLuca, Eastern regional president of KBS.
“Atlanta has all of the elements for a swift recovery post-pandemic,” says DeLuca. “The Atlanta market is experiencing a record high construction pipeline and healthy leasing performance, especially in the midtown submarket. The region is increasingly drawing in global tenants, and well-established firms such as AGG are attracted to 171 17th Street for all it has to offer.”
Built in 2004, 171 17th Street is a 21-story building that is part of the larger Atlantic Station mixed-use project, which is experiencing growing demand and recently underwent a major renovation to its green space, “Central Park,” and to its retail and restaurant space. Common-area amenities include a gourmet on-site café, EV car-charging stations, on-site carwash/detail, conference center and shuttle service, valet, and outdoor tenant patio amenity space. The property is situated near dining, shopping, entertainment, public transportation, and freeway access.
KBS recently completed several improvements to 171 17th Street, including transforming the café into a state-of-the-art space and changing the patio into an outdoor tenant lounge, and also just completed an upgrade to the conference room with audiovisual features. Additionally, 171 17th Street was recently verified for UL Verified Healthy Building for Indoor Air status, which indicates that a building has excellent indoor air quality as well as plans in place for continual advancement of indoor air quality.
The asset is in Atlanta’s midtown submarket, the most active submarket by far and one that continues to attract major tech tenants, like Microsoft and Amazon according to Allen Aldridge, asset manager for 171 17th Street and senior vice president for KBS.
171 17th Street may have one of the lowest average commute times for any building in Atlanta that draws employees from the greater metro area, according to Jonathan Eady, AGG’s managing partner.
“We are expecting to remain at this property for a long time and are planning to execute several major renovations to our space that will customize it to our needs. This is just one example of how KBS has been very accommodating. Their excellent service, combined with the building’s advantageous location and top-tier amenities, made the lease extension a natural choice for us,” said Eady.
Glenn Kolker and Sonia Winfield of Cushman & Wakefield represented KBS as asset manager for PRIME US REIT in the lease transaction. AGG was represented by Greg Katz and Taylor Senter of Newmark.
“171 17th Street is one of the few properties in the midtown submarket that offers the perfect mix of ideal location, superior amenities, and top-of-the-line service,” says Kolker.
171 17th Street is located at 171 17th Street in Atlanta, Georgia.
Please click here for photos of the property.
KBS is one of the largest investors of premier commercial real estate in the nation. As a private equity real estate company and an SEC-registered investment adviser, KBS and its affiliated companies have completed transactional activity of more than $43 billion on behalf of private and institutional investors globally. Founded in 1992 by Peter Bren and Chuck Schreiber, KBS acquires and operates prime commercial real estate in some of the most successful epicenters in the country. The firm is committed in its business ethics, its business relationships, and its constant focus on exceeding the expectations of its investors, partners and tenants. SEC registration as an investment advisor does not imply any particular level of skill or training. For more information on KBS, please visit www.kbs.com.
This release may contain forward-looking statements within the meaning of Section 27A of the Securities Act of 1933, as amended, and Section 21E of the Securities Exchange Act of 1934, as amended, including statements relating to KBS’ ability to invest in and manage a diverse portfolio, and the performance of 171 17th Street and of the Atlanta, Georgia real estate market. These statements are subject to known and unknown risks, uncertainties and other factors which may cause KBS’ and/or 171 17th Street’s actual results, performance, or achievements to be materially different from any future results, performance or achievements expressed or implied by such forward-looking statements.