Phipps Tower

Phipps Tower is a 20-story office tower in Buckhead, Atlanta. It is adjacent to the Phipps Plaza shopping center.[1] John Hancock Life Insurance Company owns, manages and leases the building.[2] It is on a 2.96-acre (12,000 m2) plot of land.[3]

History

In 2007, Crescent Resources announced that it wanted to construct an office tower in Buckhead possibly named Phipps Tower.[4] Manulife Financial Corp. and Crescent Resources designed the building.[5] The building was constructed in 2010.[3] Douglas Sams of the Atlanta Business Chronicle. said that the announcement of plans to build the tower "raised eyebrows among Atlanta commercial real estate execs" due to concerns that there is too much office space on the market.[6]

In March 2010 Northwestern Mutual was considering leasing space in the tower.[7] By June of that year the company was completing a leasing deal at the tower. In June 2010, Speakeasy Inc. was the tower's sole tenant, leasing about 13,300 square feet (1,240 m2), and the tower was 3% leased.[8]

In October 2012 the Atlanta Business Chronicle reported that Carter's Inc. was likely to lease in the Phipps Tower for its headquarters.[2] In October 2012 CoStar Group announced that its Atlanta office was moving to the Phipps Tower. It had signed a lease for 26,800 square feet (2,490 m2) for 11 years.[5]

In December 2012, Carter's Inc. announced that it was moving its headquarters from The Proscenium in Midtown Atlanta. The lease of 222,730 square feet (20,692 m2) of space is one if the largest headquarters leases to have occurred to date. The estimated value if the lease, except for concessions and escalation, was $70 million.[1]

The company consolidated its out of state jobs into the new facility, with 200 additional jobs going to Buckhead. Manulife Financial Corp owns both the Proscenium and the Phipps Tower so Carter's terminated its lease early in one building and moved to the other.[9]

Tenants

Ethos Capital Partners - Lease 3,500 square feet (330 m2) of Class A office space

References

  1. Sams, Douglas. "Carter's moving HQ to Phipps Tower." Atlanta Business Chronicle. December 14, 2012. Updated on December 17, 2013. Retrieved on May 23, 2013.
  2. Sams, Douglas. "Carter's HQ likely moving to Buckhead." Atlanta Business Chronicle. October 12, 2012. Updated October 22, 2012. Retrieved on May 23, 2013.
  3. "3438 Peachtree Rd NE". LoopNet.
  4. Sams, Douglas. "New office tower for Buckhead." Atlanta Business Chronicle. December 17, 2007. Retrieved on May 23, 2013.
  5. Sams, Douglas. "Phipps Tower lands CoStar Group." Atlanta Business Chronicle. October 22, 2012. Retrieved on May 23, 2013.
  6. Sams, Douglas. "Toronto insurer confident about tower." American City Business Journals. April 14, 2008. Retrieved on May 23, 2013.
  7. "Northwestern Mutual eyes Phipps Tower lease." Atlanta Business Chronicle. March 1, 2010. Retrieved on May 23, 2013.
  8. Sams, Douglas. "Northwestern Mutual nears deal for space in new Atlanta office tower." 'American City Business Journals. June 14, 2010. Retrieved on May 23, 2013.
  9. "Carter’s moves to Buckhead." (Archive) Atlanta Business Chronicle. p. 2-3.
  10. "Directions to the Consulate-General of Japan in Atlanta." Consulate-General of Japan, Atlanta. Retrieved on May 21, 2013. "Consulate-General of Japan Phipps Tower, Suite 850 3438 Peachtree Rd. Atlanta, GA 30326"
  11. "Atlanta Submarket Report." (Archive) Colliers International. Retrieved on May 23, 2013.

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