State Farm just can’t get enough of Atlanta – the insurance company recently announced their interest in taking between 200,000 and 300,000 SF at The Terraces in Central Perimeter. This is great news for The Terraces’ owner RBS Securities, who foreclosed on the property for $140 million last year. If State Farm can finalize the deal with RBS Securities, it will bring the company’s total space absorption to over 900,000 SF in the Central Perimeter submarket in the last 12 months (they took over 400,000 SF at 64 & 66 Perimeter Center East and another 200,000 SF at Hammond Exchange). Rumors have started to circulate that State Farm is ultimately planning to build a campus to consolidate their workers, like Cox Communications has done in recent years.
The Central Perimeter submarket isn’t the only submarket benefiting from State Farm’s leasing activity; the North Fulton and Buckhead submarkets have reported dramatically decreased vacancies as the absence of available space in Central Perimeter forces tenants to look outside of the submarket.Share