A law firm is relocating its offices to Bank of America Plaza, a major recruitment for Atlanta’s tallest building that also continues a trend of companies shedding their unused office space.
Global law giant Eversheds Sutherland’s U.S. division will occupy more than 94,000 square feet at Bank of America Plaza, the building’s owner CP Group announced in a Tuesday news release. The law firm will vacate about 182,000 square feet at 999 Peachtree St., meaning its new offices are about half the size of its old digs.
The lease signing is a potential capstone to Atlanta’s busiest office leasing year since the onset of the COVID-19 pandemic. But despite that uptick in activity, many companies like Eversheds Sutherland are opting to reduce the amount of workspace they need, leaving metro Atlanta grappling with a near-record amount of empty and unwanted office space.
Located at 600 Peachtree St. at the intersection of Midtown and downtown Atlanta, the 55-story Bank of America Plaza is one of the most recognizable fixtures of the city’s skyline. Florida-based CP Group paid $380 million to acquire the building in 2022, immediately leveraging millions of dollars to update the building.
Last year, the developer announced a $50 million capital improvement campaign in partnership with San Francisco-based architecture firm Gensler to further spruce up the tower, which opened in 1992. The effort features an overhaul of the lobby and ground floor, including a new coffee bar and art gallery. CP Group also plans to renovate the tower’s conference center, fitness center, food hall and its penthouse floor.
Credit: CP Group
Credit: CP Group
Mark D. Wasserman, managing partner of Eversheds Sutherland’s U.S. division, said the refreshed amenities played a factor in his firm’s relocation, which CP Group leaders said means the effort is paying dividends.
“(Eversheds Sutherland) sought a modern and efficient work environment with premium amenities designed to energize their teams and support talent attraction and retention,” Chris Eachus, CP Group partner, said in the release. “Our strategic investment in this iconic tower, coupled with the best views in Atlanta and its highly accessible location, make it the ideal choice to meet the needs of today’s workforce.”
In the wake of the COVID-19 pandemic, employers have favored new buildings with lots of amenities over aging assets, which have generally garnered less demand and seen their vacancy rates increase. Bank of America Plaza’s occupancy rate is 70% after the lease signing.
In the past six months, tenants signed 170,000 square feet of leases at Bank of America Plaza, including four new tenants, one renewal and two expansions. CP Group said it recently completed 100,000 square feet of move-in ready speculative suites in hopes of attracting quick commitments from prospective tenants.
CBRE’s John Shlesinger represented Eversheds Sutherland in the deal, while CBRE’s Jeff Keppen and Nicole Goldsmith represented CP Group.
CP Group has scooped up several other well-known buildings in the city, including Buckhead Centre and the former CNN Center, the latter of which is slated to undergo an overhaul akin to popular mixed-use retail districts across metro Atlanta.
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