An Atlanta real estate firm and its investment partner plan to overhaul an empty Midtown office tower to attract hot tech startups and other companies looking to plant roots near Georgia Tech and MARTA.
Carter and PCCP LLC on Thursday closed on their purchase of 715 Peachtree Street, a 10-story building that has been empty since 2012 when Bank of America consolidated office space. The building at 3rd and Peachtree streets near the Fox Theatre was a former regional headquarters for J.C. Penney and had been owned by a Washington, D.C.-based investor.
Midtown has been the region’s hottest office submarket of late, buoyed by relocations of companies such as Worldpay US, Kaiser Permanente and NCR, as well as small technology companies including Sage Software and Pandora.
The partners are betting the revitalization of the 320,000-square-foot building could entice small companies that have outgrown their current spaces or bigger firms looking for hard-to-find open blocks of space in a hot Midtown submarket.
Read more about the project later today at our premium website, MyAJC.com, or in the Friday edition of The Atlanta Journal-Constitution.
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