ATLANTA (August 23, 2011) – SunTrust Bank has signed a 95,000-square-foot lease at Campanile in Midtown. Carter’s Kirk Diamond and SunTrust’s Doug Sinclair represented SunTrust Bank and Ridr Knowlton represented the building’s owner, Dewberry Capital.
As reported in the Atlanta Journal-Constitution, SunTrust will be relocating from its current offices Downtown at 25 Park Place next April. The building was sold to Georgia State University in 2007.
"Like Carter, SunTrust is a well-established, well-respected Atlanta-based company, and we will continue to work to ensure SunTrust Bank meets its real estate goals in the move to Campanile," Carter Senior Vice President Kirk Diamond said.
Carter and BellSouth developed Campanile in 1987 as BellSouth’s headquarters. The name “campanile” means bell tower in Italian.
Dewberry Capital acquired Campanile in September 2010 and immediately began working on a full renovation of the property, including a re-glazing of the exterior, renovations of common areas and new building systems. The project will result in a new state-of-the art building with high efficiency glass, new architectural features, new elevator, life safety and digital HVAC systems and upgraded amenities and lobbies. Architects supporting Dewberry Capital on the renovation include Smallwood, Reynolds, Stewart, Stewart (who also designed both One and Two Peachtree Pointe, as well as Gallery Uptown in Dewberry’s Uptown neighborhood), and Houser Walker Architecture. Dewberry Capital secured the same award winning team from Harmon, Inc that successfully completed (during occupancy) the glass replacement at the downtown Westin Peachtree Plaza, following the tornado in March 2008.
“Campanile is a landmark project at a landmark location” stated John Dewberry, founder of Dewberry Capital. “This asset deserves to be resurrected as the premier location in the city for in-town corporate residents”. Dewberry added, “We were pro-active early on in securing the most accomplished teams for each facet of the renovation. The designers and contractors selected represent the best in class.”
Re-glazing is already underway with scaffolding installed and glass testing occurring this month. The renovation project will continue into 2012.
SunTrust Bank considered locations in both Midtown and Buckhead for their new headquarters location. SunTrust will lease approximately 95,000 square feet on floors 3, 7, 8, 9 and 12. Construction on their new space will begin this fall with a targeted occupancy of April 2012. Following the SunTrust lease, Campanile is now over 50 percent leased with the remaining vacancy all on the top floors.
“Campanile represents the quality of real estate SunTrust Bank expects for their headquarters” says Doug Sinclair, Senior Vice President of Corporate Real Estate for SunTrust. Sinclair adds, “SunTrust wants to establish a highly visible presence in Midtown and this location is the premier corner”.
Ridr Knowlton, a Partner at Dewberry Capital, mentions, “SunTrust is one of Atlanta’s most desirable tenants, and we are very pleased to welcome them to Campanile. The addition of SunTrust brings Campanile to over 50 percent leased ahead of schedule. As we do with all our assets, we target the highest caliber tenants and have retained the top floors available to lease in the face of improving market conditions.”
Dewberry Capital has been the most active investor on Peachtree in Atlanta during the downturn, acquiring several key land parcels along Peachtree Street, as well as the trophy landmark Campanile Building.