Hines, the international real estate firm, and Cousins Properties, the Atlanta-based REIT, signed a new 10-year lease totaling 43,800 square feet with SAP at 8000 Avalon in Atlanta. The 224,000-square-foot Class-A office development is now 93% leased, up from 73% leased on June 30, 2017. 

"Hines and Cousins are excited to add SAP, the leader in enterprise application software, to 8000 Avalon's fantastic roster of high-caliber companies," said John Heagy, Senior Managing Director of Hines. "We believe the successful development and lease-up of 8000 Avalon represents a significant milestone for the Avalon mixed-use community. We broke ground in March 2016, and today, 60 days after delivering the project, we are 93% leased."

8000 Avalon is the only high-rise office building in Avalon, a leading mixed-use development in North Atlanta. Hines and Cousins entered into a joint venture to develop the $73 million project, which was completed in June 2017. The joint venture recently exercised its option to purchase the second and only remaining office pad at Avalon with plans to begin construction once the project achieves meaningful pre-leasing.

"Cousins and Hines are thrilled with the amount of activity and interest we see for Class-A office space in this niche market in Atlanta," said Thad Ellis, Cousins' Senior Vice President and Atlanta Managing Director. "Being part of 8000 Avalon puts SAP, as well as all of our customers and their employees and guests, at the center of a vibrant mixed-use district. Not only do they have access to attractive housing options and 580,000 square feet of retail and restaurants, but they are also located near the new 330-room Hotel Avalon and Alpharetta Conference Center, both part of a first-class Marriott-affiliated Autograph Collection hotel."

The new facility will consolidate SAP employees from two Alpharetta locations into one North Atlanta office supporting the SAP and SAP Ariba solution portfolios. The new location will be in addition to SAP's office in the Buckhead district of Atlanta.

SAP was represented in the lease negotiations by Gregg Metcalf, Tim McCarthy and Ryan Fetz of JLL.