Cushman & Wakefield Thursday announced that the commercial real estate services firm has arranged more than $224 million in construction financing on behalf of Portman Holdings for 1020 Spring, a speculative Class A+ office tower.
Brian Linnihan, Mike Ryan, Richard Henry, and JP Cordeiro of Cushman & Wakefield’s Equity, Debt & Structured Finance team secured the construction loan through Goldman Sachs, according to a press release.
“Located around the historic H.M. Patterson House & Gardens site in the heart of Midtown, the new office building will be the next crown jewel of the city,” Linnihan, Vice-Chair at Cushman & Wakefield, said. “Office demand in Midtown is 4.5 times greater than supply for full floor vacancies available, led by the tech tenants fueled by Georgia Tech.”
Expected to break ground during the second quarter of 2022, 1020 Spring will be one of the latest additions to Midtown. The 25-story office tower will offer 528,000-square feet of rentable space and 8,000 square feet of ground-floor retail. It will also include “highly differentiated” amenities like a large co-working collaborative space adjacent to a rooftop bar, balconies on every floor, a fitness center with an outdoor exercise space, and ground-floor retail.
1020 Spring is part of Portman Holdings’ larger mixed-used development project, Spring Quarter, that began last year and is centered around the historic H.M. Patterson House & Gardens, designed by famed architect Philip T. Schutze. The historic building and garden will be preserved and restored into a new destination retail experience.
The 4.1-acre development will transform nearly a full city block once complete and include the 1020 Spring office tower, 370 luxury residences, 40,000 square feet of retail space, and the adaptive reimagining of the H.M Patterson House & Gardens.
2 Responses
$224M seems like a lot for a 25 story building. Dont these get built all the time in ATL for $40 – 70M? I thought this would be a 40 story bldg minimal.
Over the past decade or so, even 35+ story structures seem to be a somewhat rare exception to building heights offered by commercial developers in this city. Visually, the majority of mid-rises get lost amongst one another; it gets boring after a while! Over the years, proposed opportunities to create truly stand-out, interesting architecture and attractions never materialize; e.g. the 17th Street bridge, #2 Opus Tower, Symphony Hall, light rail on the Beltline, etc… Yeah, I know, we got a cool looking billion+ dollar sports stadium, and an illuminated figure 8 bridge connecting to it; an aquarium; and a ferris wheel.