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Arby’s Signs Meaty HQ Deal with Columbia Property Trust

Fast-Food Company Commits to Lease 161,000 SF at Three Glenlake Under New 12-Year Deal
February 7, 2018
Columbia Property Trust must feel like running to the roof of its Three Glenlake office tower and yelling, “We have the meats!” And the Buffalo Wild Wings, too.

The Atlanta-based REIT said late Wednesday it signed Arby’s Restaurant Group to a 12-year, 161,000-square-foot lease at its Three Glenlake office tower in the Central Perimeter submarket.

The building is currently 100 percent leased to Newell Brands, but Columbia said the consumer and business products company has agreed to give back 45 percent of the leasable square footage in the 14-story tower to make room for Arby’s headquarters.

Arby’s lease term commences in August 2019 and expires on Sept. 30, 2031.

The announcement comes the day after Arby’s, known for its roast beef and other meaty sandwiches, closed on its $2.9 billion acquisition of Buffalo Wild Wings -- and in the process created a new company to oversee Arby’s, Wild Wings and R Taco.

The new entity is called Inspire Brands, headed by Arby’s CEO Paul Brown and controlled by Atlanta private equity firm, Roark Capital.

"This lease addresses a substantial portion of Newell’s space and marks the beginning of our multi-tenant strategy at this exceptional asset," said Kevin Hoover, senior vice president of portfolio management of Columbia.

Pope & Land and Greenstone Properties developed Three Glenlake as a build-to-suit for Newell, then known as Newell Rubbermaid. Newell maintained its headquarters there for a stint before relocating again, this time to Hoboken, NJ, in 2016.

Columbia acquired Three Glenlake, designed by Pickard Chilton architects, for $100.6 million in 2008.

Arby’s Restaurant Group currently occupies 122,263 square feet in 1155 Perimeter Center, the former headquarters of Mirant, where it has been since 2005.

David Tennery, Kevin Lott, Jeff Bellamy and Liz Koteles of JLL represented Columbia Property Trust in negotiations, while David Demarest, Josh Hirsh and Brannan Moss, also of JLL, represented Arby's.

Tony Wilbert, Atlanta Market Reporter  CoStar Group   
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