Cable & Wireless Subleases Data Center

ATLANTA-Cable & Wireless, the 143-year-old, London-based telecommunications company, has selected the Atlanta office of Advantis Real Estate Services Co./GVA to find a tenant for the vacant three-year-old, 313,581-sf 101 Aquila Way Building in suburban Lithia Springs, GA.

Advantis brokers Scott Nelson and Adam Wentz are marketing the building at Riverside-The Crossings. Nelson calls the property “the largest newer generation data center in the greater Atlanta area.” The building is owned by Crescent Resources LLC of Charlotte, NC.

Cable & Wireless had customers using the data center “up to the last six weeks,” Nelson tells GlobeSt.com. Advantis is the first brokerage to try and lease up the entire building.

The broker declined to quote average asking rents for the subleased space, but says a fully-equipped center with raised floors (for sub-floor wiring) would probably rent for $15 to $20 per sf on a non-subleased basis.

Nelson says the building offers “a unique opportunity” for users since 100,000 sf could be used for pure warehouse space and the balance for data center space.

Two other large metro Atlanta office buildings are also making news. According to a published report, the 24-story, 527,000-sf Proscenium tower at Peachtree and 14th streets, and the 14-story, six-month-old One Glenlake at GA 400 and Abernathy Road, could be on the selling block shortly.

Trammell Crow Co. of Dallas and Triad Properties Corp. of Huntsville, AL own the two-year-old, 80%-leased Proscenium. Pope & Land Enterprises Inc. of Atlanta and Granite Partners own One Glenlake.

Jackie Gauthreaux, a senior broker at Pope & Land, tells GlobeSt.com, One Glenlake is “currently financed with a short-term construction loan and equity.” She says Pope & Land principals have told her, “once the building is 90% leased or so, we will go to the market to examine the options of a sale or a permanent loan.”

GlobeSt.com couldn’t reach principals at Trammell Crow and Triad to confirm the accuracy of the published report that places the estimated value of the Proscenium at $120 million or $227 per sf.