Invesco Could Get Tax Break For Midtown Union HQ
Invesco is looking to Atlanta's economic development arm for a green light on tax incentives for its new Midtown headquarters.
Invest Atlanta finance committee approved Monday a $33.75M lease purchase bond for Invesco Group Services' move to Midtown Union. If approved by a full board on Thursday, Invesco will realize a tax savings of more than $840,000 over 10 years, according to Invest Atlanta documents.
Last year, Invesco announced that it would anchor Midtown Union, an under-construction 26-story, 606K SF office tower off Spring and 17th streets, moving from its current headquarters at Two Peachtree Pointe.
The project is being developed by MetLife Investment Management and Granite Properties and is expected to deliver next summer.
That deal prevented Invesco from moving to two other potential Sun Belt locations, according to a bond information document with Invest Atlanta. Invesco also plans to add an additional 500 new jobs to its roster of 586 employees locally.
Last year, Invesco acquired a majority stake in MassMutual's OppenheimerFunds, creating the country's sixth-largest retail asset management firm with assets of $1.2 trillion.
CORRECTION, NOV. 17, 3:50 P.M. E.T.: The headline has been updated to remove the value of the lease-purchase bond to avoid misconstruing Invesco's total tax savings over a decade.
UPDATE, NOV. 17, 3:50 P.M. E.T.: The article has been updated to reflect Invest Atlanta's committee vote on the incentive, as well as the total tax savings amount from an updated Invest Atlanta document.