Scuttlebutt in the commercial real estate world suggests another big company wants to launch Atlanta's first new office tower in years along the Perimeter, near Ga. Highway 400. Lately, there's been plenty of chatter about insurance giant State Farm gobbling up large swaths of available Perimeter land to assemble a 1.5 million-square-foot Perimeter campus — to the point that large blocks of available office space are scare. So InterContinental Hotels Group has become the latest target for developers who hope to launch a new tower, the first since the Great Recession, the Atlanta Business Chronicle reports. IHG's current home is Three Ravinia Tower, a 31-story, 820,000-square-foot office building within the Ravinia complex (with this remarkably lush lobby!) But all might not be as it seems.
It's pretty much a sure thing that State Farm will build a nearly 600,000 square foot building in Dunwoody. In recent weeks, discussions have indicated that InterContinental could consume at least 350,000 square feet in a new building, the newspaper reports.
Where might the company go? Well, the developer Hines has plans to build a massive mixed-use project called 100 Northpark in Sandy Springs that could include 1.5 million square-feet of office space. Hines has also been approved to build a 26-story office tower in the area. But some insiders think InterContinental is only bluffing to sweeten the leasing deal from their current landlord.
· Hotel giant IHG could spur first office tower in years [Atlanta Business Chronicle; subscriber]
· More delicious Perimeter business news [Curbed Atlanta]