Piedmont Healthcare Inc. is building out its new headquarters at Atlantic Station’s tallest office building. The health care giant is leasing about 164,000 square feet at the 25-story tower, consolidating its system support departments into one location. Piedmont will be spread across multiple floors, including levels 7, 8, 9, 10, 23, 24 and 25. The company could spend $22.4 million on the buildout, per the permits.

The Atlanta Business Chronicle reports Piedmont’s lease is among a growing number of large office deals completed this year in Atlanta.

Signs suggest companies feel greater confidence about their office-leasing decisions, prompting a bump in touring and leasing activity in several U.S. markets. The uptick coincides with a more-certain economy and a bigger push by companies for their employees to be back in the office.

Real estate services firm Cushman & Wakefield represented landlord Lionstone Investments in the deal. Piedmont was represented by Bo Keatley, David Rubenstein, John Flack and Michael Broome of Savills.

NYC office demand has decreased 22% since March, equivalent to 3 million square feet, but it is still above the 2021-2023 monthly average, according to the latest data from VTS.  

Small tenants (<10k square feet) have shown positive momentum, while the tech and legal sectors experienced declines. The average size of tenants rolling in for 2027-2028 is larger than those rolling in near term (2025-2026). Trophy assets saw the biggest rent increase in April, followed by Class A and Class B properties. 

Institutional investors, including Boston Properties, Brookfield, Blackstone, and others, are signaling a shift towards capital deployment this year. VTS’ Leasing Prediction Outlook for 2024 suggests a 17% increase in leasing compared to 2023.