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Thursday, July 29, 2010

At the Bottom for Atlanta Office Space?

The Office Market in Atlanta has been down nearing three years now and is there any end in sight? We are at a high with office vacancies since 2004 and buildings just delivered to the market. In my opinion, we'll be at the bottom until jobs start to come back. When we have a few consecutive quarters of job growth, that will be the time that we'll start seeing positive absorbtion.

A good article written by Jim Jordan with Sutherland, Asbill & Brennan LLP, in the Atlanta Business Chronicles addresses the situation and provides some good insight on "When will Atlanta's Office Market Hit Bottom?"

Tuesday, July 20, 2010

Regions Bank signs letter of intent for Atlanta regional HQ

Birmingham Business Journal has reported that Regions has signed a letter of intent on moving its Atlanta headquarters to Midtown. If an agreed upon lease is executed, they will then have an intown presence along with the rest of the top seven major banks in Atlanta.

Birmingham's Regions Bank is moving its Atlanta headquarters to Midtown.

Regions Bank (NYSE: RF) – the sixth largest bank in Atlanta – has signed a letter of intent at Atlantic Center Plaza, a 24-story building on West Peachtree Street that stands in the shadow of the 50-story One Atlantic Center (formerly the IBM Tower).

Regions would lease about four floors in the building, or about 80,000 square feet.

Parent company Regions Financial Corp. (NYSE: RF) has maintained its Atlanta office at One Glenlake off Georgia 400 in Sandy Springs, but it's seeking more spotlight as its competitors, including New York-based JPMorgan Chase & Co. and San Francisco-based Wells Fargo & Co. (NYSE: WFC) push to join SunTrust Banks Inc. (NYSE: STI) and Bank of America Corp. (NYSE: BAC) as the city’s biggest financial players.

Regions Bank ranks sixth in Atlanta market share with $3.3 billion in deposits, behind SunTrust, Wachovia (now Wells Fargo), Bank of America, Branch Banking & Trust Corp. (NYSE: BBT) and Synovus Financial Corp. (NYSE: SNV) subsidiary Bank of North Georgia.

Regions is the only lender in the top seven without a major intown presence.

The others have naming rights or have their brands splashed across some of the city’s signature office towers, including SunTrust (60-story SunTrust Plaza, downtown) and BB&T (Atlantic Station).

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