Atlanta, GA, 1/31/08 – The International Tenant Representative Alliance (ITRA) announced today that Corporate Real Estate Advisors, its Atlanta, Georgia affiliate, has assisted Allied Barton Security Services with a lease transaction for 12,000 sq. ft. of office space in midtown Atlanta. Allied Barton, a leading provider of security services nationwide, had previously been leasing three separate spaces in the northside and midtown sections of Atlanta and in the neighboring area of Buckhead. Because one lease’s term was about to expire, Allied Barton retained Stuart Holcombe, CCIM, of ITRA/Corporate Real Estate Advisors, on an exclusive basis to find a location where its offices could be consolidated. Holcombe had previously negotiated three transactions for Allied Barton, and four others for Barton before it merged with Allied.
From first viewing to occupancy, the current transaction took ten months to complete. Allied Barton had several requirements for the new property; it had to be easy to find with simple directions and prominent signage, and it needed to be located within walking distance of Atlanta’s transportation system, MARTA. Allied Barton also wanted free parking, which Holcombe was able to negotiate for the lease term.
ITRA/Corporate Real Estate Advisors was able to find a space that is 20 percent larger than that combined of the two they had been renting; allowing Allied Barton to increase profitability because occupancy costs are being reduced by 45 percent. Another important factor was that, during the first year of the new space’s lease, Allied Barton still had to carry the cost of renting one of the previous properties. ITRA/Corporate Real Estate Advisors was able to negotiate for this to be rent neutral for the remainder of that lease’s term. The other property required a holdover, which Holcombe was able to secure at a lower holdover rate.
ITRA/Corporate Real Estate Advisors is an affiliate of the International Tenant Representative Alliance (ITRA), which, with representation in over 68 cities, is the leader in exclusively representing corporate buyers and tenants worldwide. Throughout the process of finding the optimal property and negotiating the best possible terms for leasing that property, this global organization provides knowledgeable and objective advice from local office leasing professionals. ITRA affiliates do not work for landlords or real estate management companies, eliminating the potential conflict that exists with traditional brokers.
For more information about ITRA/Corporate Real Estate Advisors, contact Stuart Holcombe, CCIM, at 3500 Lenox Road, Suite 1500, Atlanta, GA 30326
Tel. 1.404.816.2200/ FAX 1.404.377.8429 or by email at [email protected]. For more information regarding ITRA, please contact ITRA’s Executive Director, Beth Wade, at 1.888.925.4872 (Canada and US) or 1.706.654.3201 (International) or by email at [email protected], or you may visit the ITRA website at www.itraglobal.com
