Intuitive Surgical signs largest office lease in Peachtree Corners since 2016
A robotic surgery company has signed the largest office lease in Peachtree Corners in five years.
Intuitive Surgical (NASDAQ: ISRG), a California-based robotics manufacturer, will lease 121,409 square feet at Lakeside Triangle, a development owned by Daniel Corp. Intuitive Surgical expanded by 6,000 square feet.
A big deal in Peachtree Corners: The deal is the largest in the Peachtree Corners and Norcross office market since Atlanta insurance provider Crawford & Co. leased 115,000-square feet at 5335 Triangle Parkway in 2016, according to data provided by CoStar. Since 2014, the area has seen an uptick in leases of at least 60,000 square feet, according to CoStar.
Improving fundamentals: Office vacancy is 19.8% compared with 14% for the rest of metro Atlanta. At the end of 2018, vacancy in Peachtree Corners and Norcross had climbed to 23.7%. Vacancy jumped after the area lost large companies such as Fidelity National Information Systems (NYSE: FIS) and WestRock (NYSE: WRK) to other parts of Atlanta. More recently, Curiosity Lab at Peachtree Corners has elevated the city’s efforts to lure tech companies.
Job growth: Intuitive Surgical has invested $500 million in the expansion and plans to create 1,200 jobs.
The basics: Intuitive Surgical was represented by Jones Lang LaSalle. Landlord Daniel Corp. was represented by Lavista Associates. Financial details were not disclosed. Lakeside Triangle consists of three buildings totaling 200,000 square feet. It’s located at 3600 Park Lake Lane.