Business briefs

Buckhead to get another new office tower at Phipps Plaza With construction cranes already dotting the skyline, Buckhead is apparently about to get another new office tower. Crescent Resources LLC envisions a roughly 20-story, 500,000-square-foot building on an outparcel or Phipps Plaza along the back side of the mall. The site is now a parking lot between Lenox Road and Phipps Boulevard. The project will be known as Phipps Tower and construction is proposed to begin sometime in 2008. Crescent has owned the property adjacent to Phipps Plaza for about four years. If development of the project goes forward, it would join other office towers presently under development in Buckhead, including Terminus being developed by Cousins Properties Inc., 3344 Peachtree being developed by Regent Partners LLC, 3630 Peachtree being developed by Duke Realty Corp. and Pope & Land Enterprises, Inc. and Two Alliance Center being developed by Tishman Speyer. Combined, those projects will put another 2 million square feet of office space on the market. Buckhead a bright spot in office outlook A recent annual forecast from Grubb & Ellis Co. provides an upbeat forecast for Atlanta’s office market in 2008, despite a slowing U.S. economy and the state’s drought; which suggest lower expectations for moderate growth. In fact, Grubb & Ellis ranked Atlanta as the No. 3 in the industrial market from 2008-2012, following Los Angeles and Houston....

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