Monday, February 23, 2004
by Jarred Schenke
First comes a merger. Next comes more space.
Atlanta-based Cingular Wireless LLC is spreading its office network to a nearby office building. The wireless provider — potentially the nation’s largest after a pending acquisition of AT&T Wireless — is taking 99,000 square feet at the Nortel building, said David Barry, a director with Barry Real Estate Cos. in Atlanta.
Cingular’s move represents actual net office growth for the company, which is expanding its offices from next door at the two-building, 376,000-square-foot Cingular campus, Barry said.
Telecommunications equipment-maker Nortel Networks Corp. (NYSE: NT) has slated the space — in what is called the “global wing” — for sublease.
Nortel still uses about half of the 246,000-square-foot office building at 5405 Windward Parkway, and owned by Highwoods Properties Inc.
The move follows Cingular’s winning bid for one-time rival AT&T Wireless. Barry said the expansion into the Nortel building was in the works long before merger talks began.
“It was on its way to being prior to all of that,” he said.
Barry and Fischer & Co. brokered the deal for Nortel. Cingular represented itself in the deal.
Cascade sale
A professional office building has traded hands.
Promenade Park, a 53,000-square-foot office building on Cascade Road in Fulton County, was purchased by Margolias Realty for more than $5.7 million, according to real estate tracking firm Databank Inc. Wilwat Properties Inc. was the seller.
A professional services office building, Promenade Park was listed as having 16,000 square feet vacant, according to the Web site of Atlanta-based Dorey Publishing Cos.
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