ATLANTA–Portman Holdings has purchased a 414,768-square-foot office tower in downtown Atlanta. The 50-year-old building was first developed as an office building by Portman in 1965 as part of the Peachtree Center mixed-use development.
Renovation will commence immediately to convert the 27-story building. Upon completion, office space will occupy approximately 290,000 square feet on floors 10 through 27, while a new 200-key Hotel Indigo hotel will occupy floors two through nine. The renovation is scheduled for completion in late 2015. John Portman & Associates will provide architectural services for the development.
“Portman Holdings is focused on seeking out unique opportunities to create differentiated products in prime locations like 230 Peachtree Street, which sits above the Peachtree Center MARTA station and in close proximity to the new Atlanta Streetcar,” said Ambrish Baisiwala, CEO of Portman Holdings. “Downtown Atlanta is clearly a market to which we are deeply committed, and the fact that this is a legacy project makes it even more compelling.”
Once complete, the building will house the only hotel in downtown Atlanta that is directly above a MARTA station, providing access to some of the city’s best attractions, convention locations, and business districts.
“When I first developed the 230 Peachtree tower, I commissioned a Robert Helsmoortel sculpture for the plaza out front. It was titled ‘Renaissance’ to symbolize Atlanta’s renewal,” said John C. Portman, Jr., founder and chairman of Portman Holdings. “The sculpture, unfortunately, is long gone, but the 230 tower is once again set to help spark renewal in downtown Atlanta, and I could not be more proud or more pleased to be a part of it.”
The transit-oriented development adds to a long list of development activity slated for Atlanta’s downtown central business district during this year.
“Downtown Atlanta is currently seeing a surge in adaptive reuse projects and Portman’s creativity and re-investment in a building that he knows well is an exciting story for the heart of the city,” said A.J. Robinson, president of Central Atlanta Progress.
Hotel Indigo is IHG’s upscale boutique brand. “As an Atlanta-based company, IHG is thrilled to work with one of the city’s most admired and respected architects and developers,” said Kirk Kinsell, president, the Americas, IHG. “Ten years ago, we opened the first Hotel Indigo hotel in Midtown across from the iconic Fox Theatre, and today we have 55 locations in 11 countries. Signing another hotel in Atlanta has a special meaning to IHG, as it brings us full circle back to the place where it all began.”
Charles Pinkham III of Portman Holdings serves as the development manager on this mixed-use development. Travis Garland of Portman Management Company will take over office leasing responsibilities for the building.