ATR NEWS....

FOR IMMEDIATE RELEASE
March 23, 2006

NEW CITY, NEW HOME: SANDY SPRINGS LEASE SPACE FOR CITY HALL

Deal at Morgan Falls Office Park Brings Once Struggling Property to Over 80% Leased

Just hours prior to the inauguration of the first mayor and city council in the newly formed city of Sandy Springs, details were being wrapped up on the lease that would give metro Atlanta’s second-largest city a place to call home.

"We’ve been working on it awhile and got it signed the morning of the inauguration," said David Rubenstein, principal with The Miller Richmond Co. "I’ve never done a deal like this -- it was unique."

Rubenstein and partner Bogue Miller represented the new Sandy Springs government (and consultant CH2M Hill, which is handling most of the city’s back office work while it becomes operational) in a 32,000-square-foot lease at Morgan Falls Office Park, a five-building, 258,000-square-foot park off Roswell Road, not far from the Fulton County Government’s North Annex.

The lease includes rights of first refusal on the rest of the space in the 61,000-square-foot facility (building 500) that now houses City Hall. Rubenstein said the space includes the Mayor’s Office, City Council and Municipal Courts but is not home to the city’s police and fire operations. The extra space could eventually house those groups though, Rubenstein said.

"There’s some discussion about adding services to the space," he said.

The project is owned by The Simpson Organization, which has turned around the once-struggling park, going from 25% to more than 80% leased in the 12 months since Simpson purchased it.

"We’ve got a very attractive, well located product. The property had just been off the brokerage radar because it had been primarily occupied by GE for years," said Chris Hardy, senior vice president for Simpson.

Besides the Sandy Springs deal, Hardy points to a 43,000-square-foot deal with Irwin Industrial Tools, a division of Atlanta-based Newell Rubbermaid Inc., as another high point in the ongoing revitalization.

Hardy said the brisk leasing activity has allowed Simpson to move to phase two of its plan for the park: going condo.

"We’re in the process of setting up a condominium structure. We’ll be offering sales from 1,700 square feet up to an entire building," Hardy said. "We’re intending to sell it all eventually."

For More Information,
Contact:
David Rubenstein
The Miller Richmond Company
770-390-1891 (direct)
drubenstein@millerrichmond.com
www.millerrichmond.com