ATLANTA – Cassidy Turley, a leading commercial real estate services provider in the U.S., represented Berkley Specialty Underwriting Managers in a long-term, 23,025 square foot lease at Two Ravinia Drive, a 17-story office tower in the Central Perimeter submarket of Atlanta.
The lease commences December 1, 2014. Berkley Specialty Underwriting Managers will occupy the entire 11th floor, combining operations from Three Ravinia and Two Ravinia, where it currently occupies 16,403 square feet and 7,184 square feet, respectively.
Berkley Specialty Underwriting Managers is a subsidiary of W. R. Berkley Corp., a Fortune 500 financial services company. Dale Lewis of Cassidy Turley’s Atlanta office represented the tenant in the lease transaction. Jeff Bellamy and Amanda Smith of Jones Lange LaSalle, represented the landlord, Parkway Properties.
“This lease provides an excellent long-term solution for Berkley Specialty,” said Mr. Lewis. “Berkley will not only continue to lease Class A space in one of the most prestigious office parks in the Central Perimeter, but it will also realize significant operational efficiencies by consolidating onto a single floor at Two Ravinia.”
The lease also gives Berkley Specialty the right of first refusal to expand into 7,000 square feet on the 10th floor adjacent to another W. R. Berkley entity, Vela Insurance Company.
“This lease provides Berkley Specialty a great deal of flexibility to accommodate its long-term business growth,” Mr. Lewis said. “We’re also pleased that we were able to obtain Berkley Specialty major economic savings, including a robust tenant improvement allowance and a significantly lower lease rate.”
In addition to the three Class A Towers totaling 1.6 million square feet, the 42-acre Ravinia complex features a 500-room Crowne Plaza Hotel. The complex is located at the Northeast Corner of Ashford-Dunwoody Road and I-285.
About Cassidy Turley
Cassidy Turley is a leading commercial real estate services provider with more than 4,000 professionals in more than 60 offices nationwide. With headquarters in Washington, DC, the company represents a wide range of clients—from small businesses to Fortune 500 companies, from local non-profits to major institutions. The firm completed transactions valued at $25.8 billion in 2013, manages approximately 400 million square feet on behalf of institutional, corporate and private clients and supports more than 24,000 domestic corporate services locations. Cassidy Turley serves owners, investors and tenants with a full spectrum of integrated commercial real estate services—including capital markets, tenant representation, corporate services, project leasing, property management, project and development services, and research and consulting. Cassidy Turley enhances its global service delivery outside North America through a partnership with GVA, giving clients access to commercial real estate professionals in 65 international markets. Please visit www.cassidyturley.com for more information about Cassidy Turley.