Financing In Tow, Selig May Draw More Leasing Commitment Out Of Google
Blackstone Group is providing the construction financing for the three-tower project that will include a 675K SF office tower, a 64-unit condominium building and a 178-key Epicurean Hotel. The development, in the hot Midtown Atlanta submarket, will deliver completely in 2021.
Google — one of the anchor tenants — is scheduled to hold a groundbreaking Oct. 28 with Georgia Lt. Gov. Geoff Duncan.
The company may be taking much more than the 200K SF it initially planned, the Atlanta Business Chronicle reports. The company could double its size, taking the rest of the building outside of the 120K SF the law firm Smith, Gambrell & Russell has already pre-leased, the paper reports, citing anonymous sources.
“The preleasing activity allowed for strong finance and equity options and also warranted an increase in the building size to over 675K SF — the single largest tower to start construction in Atlanta in more than a decade. We anticipate additional significant announcements very soon,” Selig Development Executive Vice President Chris Ahrenkiel said in a release.
Cushman & Wakefield arranged the financing for Selig.