EY Considers Move to Midtown Atlanta

News Summary

EY, the renowned accounting firm, is contemplating a relocation from Downtown Atlanta’s 55 Allen Plaza to Midtown, seeking around 125,000 square feet of office space. With CBRE’s assistance, EY aims to enhance service for clients and employees. This potential move reflects a broader trend in Atlanta’s real estate market as other firms secure leases amidst rising vacancy rates. The search for new office space is influencing the city’s evolving skyline and could indicate a shift in business strategies.

Atlanta’s Skyline Shifts: EY Eyes Midtown Move!

Hey there, Atlanta! Exciting news is brewing in the city as EY, one of the world’s top accounting firms, is on the hunt for a new home. They’re considering a change of scenery, moving from their current digs at 55 Allen Plaza in Downtown Atlanta to the buzzing vibe of Midtown. With a search for a spacious 125,000 square feet of office space in the works, there are plenty of developments to keep an eye on.

What’s Driving the Move?

So, what’s behind this potential move? Well, Regenia Sanders, the friendly leader of the EY Atlanta office, mentioned that the firm is constantly evaluating its real estate strategy. The goal? To serve their clients and employees better. It sounds like they’re taking this decision seriously and are currently in talks about various options, even though no decisions have been finalized just yet.

All About the Space

Now, let’s talk numbers! EY currently occupies more than 110,000 square feet at 55 Allen Plaza, where they’ve been calling home since they signed their original lease back in 2005. They even kicked off the building’s occupancy by becoming its first tenant! The tower, which has a total capacity of 349,000 square feet, was developed as part of a larger office complex by the late Hal Barry. Despite the challenges of the business world, EY has managed to adjust their lease over the years, expanding and contracting as needed, now holding a sizable share of the space.

Who’s Helping with the Search?

For this big move, EY has enlisted the expertise of CBRE, a leading global commercial real estate services firm, to help them navigate the waters and find the perfect new spot. The hunt is on, and it’s certainly stirring up some excitement in the local market!

What’s Happening in Atlanta’s Office Market?

Speaking of the market, it’s been quite the rollercoaster ride lately. Atlanta’s office spaces have seen high vacancy rates, but there’s a silver lining. Landlords reported gaining nearly 360,000 square feet of signs of absorption in the last quarter of 2024, marking the first significant uptick since Q3 of 2022. That points to a positive shift in the office market as more companies are beginning to settle into their new spaces.

Who Else is Making Moves?

It’s not just EY looking to make a change; other companies are also securing substantial leases in Atlanta. Notables like Morris, Manning & Martin LLP, Eversheds Sutherland, and SouthState Corp. have also made headlines with their recent office space acquisitions. It seems like Atlanta is becoming a prime destination for businesses looking to expand and evolve, creating an exciting dynamic in the city’s skyline.

What’s Next?

As we watch this story unfold, it’s clear that Atlanta’s office landscape is in flux. With EY considering a move to Midtown, this could signal a broader trend of businesses re-evaluating their spaces and finding new opportunities in different neighborhoods. Stay tuned for more updates as EY continues their search. This bustling city of Atlanta is definitely one to keep an eye on as it grows and evolves!