Paychex Taking 42,745 SF in Suburbs

ATLANTA-The six-story, 133,213-sf Townpark Ravine 11 office building in suburban Kennesaw, GA hit the 100% leaseup jackpot with the signing of Rochester, NY-based Paychex Inc. to an estimated 10-year lease with an estimated aggregate value of $8.12 million, according to area brokers intimate with the submarket.

Paychex is taking 42,745 sf at an estimated rent of $19 per sf. Paychex officials couldn’t be reached at GlobeSt.com’s publication deadline to learn the size of its Atlanta staff or other terms of the leasing deal.

The company is moving into the highly desirable I-75/Marietta/Johnson Ferry submarket about 10 miles northwest of Downtown Atlanta.

Occupancy in that 2.62 million-sf market in the first half was 91.6% with 220,102 sf vacant at an average rental rate of $19.90 per sf, according to six-month statistics from Atlanta-based Richard Bowers & Co. Net absorption totaled 217,641 sf.

In the 84,965-sf, class A section of that submarket, however, occupancy is at 94.2% with average asking rents at $22.03 per sf.