Wireless phone and internet access provider T-Mobile extended its lease at an Atlanta office tower, the latest in a run of renewals by major U.S. property users that has buoyed the office market nationwide.
T-Mobile agreed to renew its deal at CP Group’s One Ravinia building in the Central Perimeter market in the north Atlanta suburbs. The deal is for around 100,000 square feet, the building owner said in its press release Monday. Financial terms of the lease weren’t disclosed.
Renewals by corporate tenants like Bank of America and Fannie Mae for at least 100,000 square feet per lease have bolstered the U.S. office market, helping create a foundation for a broader market recovery, according to Phil Mobley, CoStar Group’s national director of market analytics for office properties. While some office tenants continue to shrink their office size, the renewals are a sign that many companies plan to retain significant office space, Mobley said.
Bellevue, Washington-based T-Mobile opened its Atlanta satellite office in 2007 and is One Ravinia's largest tenant, according to CoStar data. The 17-story building is 73% leased with TireHub and Davidson Hospitality Group the second- and third-largest tenants.
Since acquiring One Ravinia in a $219.5 million portfolio deal in 2021, Boca Raton, Florida-based CP Group has upgraded the property along with its companion office tower, Two Ravinia. CP Group enhanced the lobbies, renovated and expanded a café and coffee bar, and added a “modern tenant lounge with outdoor seating.”
“We have focused on creating a premier office environment that supports employee well-being and enhancing productivity,” CP Group Partner Chris Eachus said in a news release.
The company has also added its WorCPlaces-branded flex office suites to the Ravinia complex and expects to open seven new flex work suites at Two Ravinia next month.
CP Group has acquired other older office properties in the Atlanta area and has invested in upgrades to lure new tenants, including Bank of America Plaza and the former CNN Center.
For the Record
Eric Ross at CBRE represented CP Group in the renewal. Kirk Diamond, April Parrish, Erin Smith and Steven Taylor at Cushman & Wakefield represented T-Mobile.