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Perimeter Summit Lands Large Tenant

Northside Hospital Commits to 180,000 SF for 1,110 Employees
February 5, 2018
Northside Hospital is giving 1001 Perimeter Summit a healthy shot in the arm.

The healthcare system just signed a lease for 180,000 square feet at 1001 Summit Blvd., once known as the Hewlett-Packard Tower. Northside will bring 1,100 jobs - including about 400 new ones - to the building in the city of Brookhaven.

"Not only is this an ideal location for our business team to gather, [it's] a great workspace where we can continue to grow," said Doug MacDonald, Northside Hospital's vice president of planning. "We also like that we're near great amenities within walking distance."

The 21-story, 515,000-square-foot office tower is owned by GE Pension Trust, which is advised by State Street Global Advisors. Seven Oaks Co. is GE's development partner at Perimeter Summit.

A key selling point in the deal is the ability to co-develop, with Seven Oaks, a 500-space parking deck adjacent to 1001 Summit that would help accommodate Northside's growth at the development.

"Northside's decision to locate at 1001 Summit continues to validate the corporate appeal that Perimeter Summit has experienced over the years," said Randy Holmes, a principal at Seven Oaks.

Holmes and his Seven Oaks colleague Andrew Pearson represented the landlord is lease negotiations and were assisted by Bryan Heller and Sabrina Gibson of CBRE. Northside worked with a specialty healthcare real estate consultancy.

Situated on 83 acres near I-285 and Ashford-Dunwoody Road, Perimeter Summit comprises 1.8 million square feet of Class A office space, 325 residential condos and a Hyatt Regency Hotel. Its major tenants include AutoTrader, Zurich, Verizon and IBM/Watson. Asking rents at 1001 Summit range from $25.50 to $34.50 per square foot per year.

With the new Northside lease, the only space directly available from the landlord is the 12th floor. Zurich is marketing some of its space for sublease, and Cox Enterprises has data center space in the basement.

Tony Wilbert, Atlanta Market Reporter  CoStar Group   
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