INDUSTRY WRAPUPS

From the July 9, 2004 print edition

Real Estate Notes
Jarred Schenke

Tidbit

Bob Voyles may be leaving Hines Interests L.P. to start his own dreams, but he’s certainly leaving a legacy at the under-construction 1180 Peachtree tower in Midtown.

A more than $200 million legacy, that is.

Voyles helped negotiate the King & Spalding LLP lease at the future tower in Midtown in perhaps the biggest office leasing coup in the past year. According to Voyle’s new company’s Web site, www.sevenoakscompany.com , the total value of that lease over 15 years is $205 million. That means King & Spalding is paying about $31 per square foot on its future lease in the building, according to Voyles’ numbers.

After 16 years with Hines, Voyles, 52, is resigning at the end of July to start his own company — Seven Oaks Co. — a small firm he plans to use as a vehicle for mixed-use urban developments in the metro area.

He is focusing on land acquisitions in Atlanta, as well as projects that can incorporate residential, retail and even small office components. He said he has spoken to parties that would be interested in financing his company, but plans to wait on pushing that until after he leaves Hines.

Voyles also left another interesting tidbit on his Web site about Hines’ own future plan for 1180 Peachtree:

“Hines is projecting to sell at a significant premium to replacement cost when the project is completed and stabilized in 2007,” Seven Oaks’ Web site stated.

Voyles was unavailable for comment.