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February 27, 2013

PNC Bank Renews and Expands to Nearly 24,000 SF

Atlanta, February 27, 2013 – Pittsburgh-based PNC Bank continues to expand its services in Atlanta by taking up an additional 6,000 SF at 1669 Phoenix Parkway for a total of 23,968 square feet. The group, having closed major RBC Bank and Flagstar Bank deals, is the seventh-largest bank in metro Atlanta with 79+ branches and some $2.85 billion in local deposits.

The long-term, now anchor-tenant at 1669 Phoenix Parkway, takes up the entire second floor. They are followed by another financial services company, Credit Union Loan Source, which occupies nearly 12,000 SF of the building’s first floor. PNC Bank chose to remain and expand in Phoenix Office Park in part due to the airport’s proximity. “Check processing centers favor close proximity to airports and our building is less than five minutes away,” said Frank Farrell, senior vice president of leasing who represented Ackerman & Co.; Cushman Wakefield’s Ian Henderson represented the tenant.

Of late, Ackerman has experienced quite a bit of activity in this market. Not only is 1669 Phoenix Parkway 100% leased but a recent deal at Two Crown Center has increased that building’ s occupancy to 77%. VX Stream, a video technology company, has just signed a 2,300-square-foot lease at the five-story midrise office building. Farrell also represented Ackerman in this deal; CBRE’s Jim Palermo represented the tenant.

 – About Ackerman & Co. –

Headquartered in Atlanta, Ackerman & Co. is a privately held, full-service commercial real estate firm focused on providing quality investment, brokerage, management and development services in the Southeast. The company, founded in 1967, retains an expert team of more than 100 real estate professionals. To date, Ackerman & Co. has developed and acquired more than 30 million square feet of office, medical, retail and mixed-use space, has nearly 4 million square feet under management, and maintains an investment portfolio valued at $750 million.

The company’s healthcare division, Ackerman Medical, has developed more than 1 million square feet to date and has more than 5 million square feet of active medical listings.

For more information on Ackerman & Co., visit www.ackermanco.com