Noted Atlanta developer Portman Holdings and Georgia Tech on Wednesday formally launched Coda, the second phase of the popular Midtown Atlanta Technology Square development, to woo high-tech companies and foster the commercialization of new technologies.
Portman is the owner of the 21-story tower, with Tech its anchor tenant and the magnet to draw private sector firms. Tech Square, since its launch more than a decade ago, has become a magnet for innovation labs and high-tech companies. NCR is building its world headquarters nearby and companies such as WorldPay, Sage Software and Kaiser Permanente have cited the skilled talent originating from the research university as reasons for establishing major offices near Tech's campus.
The tower is one of the city's more anticipated real estate development in years, and the hope is Coda will help supercharge that momentum.
A coda is the concluding part of a piece of music or literature as well as a work of art that stands on its own, and that is certainly one way to describe this second phase of Tech Square. Coda will feature 750,000 square feet of space devoted to offices, research centers, data center and high performance computing and about 40,000 square feet of retail and restaurant space. The new gleaming L-shaped tower will wrap around the historic Crum & Forster building, which will become a “living room” for Midtown.
Tech will occupy about half of the building, with the rest of the office space geared to major technology companies and startups. The goal, the partners say, is to bring research and commercialization together in one place.
“The Portman team is honored to bring to life the vision for this mixed-use property at Tech Square, unlike anything else in the southeastern United States,” Ambrish Baisiwala, CEO of Portman Holdings, said in a news release.
Georgia Tech President G.P. “Bud” Peterson said the project, also known as the High Performance Computing Center, will foster “a mixed-use community of innovation, education and intelligent exchange.”
“In 12 short years Tech Square has become the Southeast’s premier innovation neighborhood,” he said.
Coda is the first Midtown development for Portman, known for downtown projects such as the Westin Peachtree Plaza and Peachtree Center. The firm was founded by well-known developer and architect John C. Portman Jr. It is also the first development for Portman at his alma mater.
Portman expects to secure financing on the $375 million project in the coming months and break ground in November. The project is expected to open in January 2019. The tower is likely to command some of the highest rents in the city given its unique combination with Tech and the lack of available office space in the high-demand area.
Portman will own the tower and work with real estate services firm JLL to lease it. John Portman & Associates, part of the Portman empire, is the complex’s designer. Next Tier HD will operate the data center.
To read more about this project, go to our premium website, myAJC.com or read about it in Thursday’s print edition of The Atlanta Journal-Constitution.
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