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Carestream Dental Polishes its Image with New Lease in Franklin Street Properties' Tower

Software Firm Picks One Overton Park for New Headquarters
July 6, 2018
Carestream Dental, an oral health digital imaging and software company, is moving its headquarters to an office tower with views of SunTrust Park and the Chattahoochee River.

The company just leased 54,000 square feet at One Overton Park in Cobb County, according to landlord Franklin Street Properties Corp. Carestream, which agreed to a 130-month lease, will relocate its current headquarters by year end from The Exchange Building, a five-story office building at 1765 The Exchange SE.

Franklin Street (NYSE: FSP), a real estate investment trust (REIT) based in Wakefield, MA, announced the Carestream deal this week as part of a group of new leases and expansions totaling 82,000 square feet at One Overton, a 15-story, 387,267-square-foot office tower at 3625 Cumberland Blvd. in suburban Cobb County. In a second transaction, KPMG LLP, one of the Big Four accounting firms, signed a new 67-month lease for 10,103 square feet, noted Franklin Street.

Carestream picked One Overton Park, in part, because Franklin Street showed a willingness to negotiate on pricing, said Kirk Diamond, a Cushman & Wakefield broker who represented the tenant with colleagues John O'Neill, April Parrish and Erin Smith.

"One Overton wanted to make the deal," Diamond said. "They were very aggressive."

Franklin Street Properties acquired the office tower in June 2006 from Hines, which developed One Overton Park in 2002, for $85 million.

Overton Park and other office complexes and multifamily communities are benefiting from renewed interest in the Cumberland-Galleria submarket since the Atlanta Braves opened SunTrust Park there in 2016.

At One Overton Park, Carestream will occupy the seventh and eight floors. "One Overton Park checked all of the amenities boxes," Diamond told CoStar News. "It has a cafe, fitness center and conference center."

In addition to its new leases with Carestream and KPMG at One Overton Park, Franklin Street said existing tenant OneBeacon Services, an insurance company, extended its lease for 7,322 square feet though January 2024. Staffing company Randstad General Partner (US) LLC expanded into an additional 10,943 square feet, bringing its total occupancy to 109,438 square feet. Randstad's lease runs through May 2024.

"We welcome the opportunity to build new and lasting relationships with Carestream and KPMG and greatly value and are pleased to continue our relationships with OneBeacon Services and Randstad," Franklin Street Chairman and Chief Executive George J. Carter said in a press release.

Tony Wilbert, Atlanta Market Reporter  CoStar Group   
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