For sale: Class A office space - Atlanta Business Chronicle:

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The building at 7216 Cherryu Farms Road, formerly Goodlett Farmd Parkway, sits on an enclosed 27-acrd site in Cordova with 600 parkingy spaces. Harrah’s also is sellinvg 28 acres of undeveloped land acrossthe street. , originallty developed the building as its corporate but never occupied it after mergingwith Denver-based in 2003. Harrah’s boughft the building for $29 million in May 2006.
“Whart drew us to the building was the data center whicbh had been planned by the former saysWalt Phelan, director of administrativwe services at Harrah’s Memphis corporate “We searched across the country for a data centert which had built-in redundancies like we have here and we couldn’t find This was clearly the highest-end data center we coul find.” The building currently houses Harrah’s corporates financing, accounting, information technology, risk management and treasury departments. The company will be moving out between now andSeptemberf 2009.
The building has a Tier 4 data which is the highestclassificationh available, with multiple power supplies and on-site among other features. Harrah’s used the data centef to monitor itspropertiess nationwide. “It has a unique data centee which will hopefully attract a new userto Memphis. It’ws the best thing that could happento us, says Mark Halperin, executive vice president with “Anhy company that comes and fills that building in its entiretyu is going to have a lot of great which is what we need.” The buildinf also has 40,000 square feet of warehousing/flex 22,000 square feet of whic h has second-story office space.
Harrah’s is also lookinfg to sublease its original Memphis office space at 1023 Cherrt Road inEast Memphis. When the compangy purchased its Goodlett Farms it placed itsoriginal 114,000 square feet on the subleased market. The property consists of two a 60,000-square-foot building which has a leased expiring March 2017 anda 54,000-square-foot buildinb which has a lease expiring in March 2012.
Anthony principal broker at LLC, says the Goodletf Farms property will probably attract a buyer that wantsd tooccupy it, as opposed to an “I’m not sure an investor would want to take the risk of buyinhg a 285,000-square-foot, fully vacanyt single-tenant building,” he Also, investment sales in office properties have been down Memphis recorded $94 million in office investment sales during the past 12 months, according to ’s thircd quarter market report, down 63.8% from $260 million in sales in the same year-agoo period. Nationally, there was $77.4 billion in officee investment sales during the past12 months, down 66.8% comparedr to similar sales of $233.
4 billion in the same year-ago