Tuesday, March 22, 2011

Bull Realty Signs State of Georgia to Expanded Lawrenceville, GA Office

ATLANTA, GA (Mar. 22, 2011) – Bull Realty, Inc said today the state of Georgia renewed and expanded its office lease for The 316 Business Center (top left photo) at 1000 Hurricane Shoals Road in Lawrenceville.

The state signed the 14,700 sq ft lease for the Department of Human Resources and Office of Child Support Services, which will continue to work out of the building.

The state needed additional space to increase efficiencies of the department’s field office. And because of recent budget challenges the state also was looking to reduce occupancy costs.

“We were able to work out an agreement that worked for both sides,” said Mark Stockwell, V. P. with Corporate Office Services at Bull Realty.

 “The landlord was able to keep his tenant improvement costs in check, while the state saved money on computer server issues. The space provides the right-sized environment for the department to better serve the public.”

Bull Realty handles leasing for the 98,000 sq ft office building representing the owners, Sun 316 , LLC et al (a Tenant In Common ownership).

Since beginning the assignment, Stockwell has finalized 13 renewals and 6 new leases totaling 70,535 sq ft bringing 316 Business Center to 82% occupancy. The average occupancy in the submarket is 62%.

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