Eversheds Sutherland is downsizing its office space by almost half in a move to the city’s tallest skyscraper.
The Atlanta-based law firm is trading nearly 180,000 square feet at 999 Peachtree Street for a streamlined 94,000 square feet in Bank of America Plaza, the Atlanta Business Chronicle reported. The lease, signed last week, includes plans for the firm to occupy the 49th through 52nd floors of the 55-story tower at 600 West Peachtree Street by 2026.
CBRE facilitated the transaction, with John Shlesinger representing Eversheds Sutherland and Jeff Keppen and Nicole Goldsmith representing CP Group, the building’s owner and Atlanta’s second-largest office landlord.
The move will vacate 29 percent of Atlanta-based Piedmont Office Realty Trust’s 999 Peachtree, which spans 622,000 square feet. Eversheds Sutherland moved there in 1990.
CP Group has completed 170,000 square feet of leasing activity at the 1.3 million-square-foot Bank of America Plaza in the past six months.
The building’s robust leasing activity is not isolated. Atlanta’s office market has seen notable activity this year, with five leases exceeding 100,000 square feet signed in the first half of the year — the largest amount since before the pandemic.
However, the market continues to grapple with challenges, including a nearly 25 percent vacancy rate driven by remote work trends and elevated interest rates.
CP Group, headed by managing partner Chris Eacchus, bought the property for $380 million ($292 per square foot) in 2022. The firm has invested $50 million into improvements, including an upgraded lobby, 100,000 square feet of spec suites and plans for a restaurant.
— Andrew Terrell
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