American Express To Open 40K SF Office At Midtown Union
One of the world’s largest credit card companies is planting its Atlanta-based online lending division in a whole new patch.
American Express, which grew its footprint to Atlanta when it purchased online small-business lender Kabbage nearly three years ago, has signed a multiyear lease at the 26-story, 660K SF Midtown Union office tower developed by MetLife Investment Management and Granite Properties.
“I can confirm that American Express’ Atlanta office will relocate to the recently-constructed Midtown Union building,” American Express spokesperson Genna Blackman said to Bisnow via email. “We anticipate the move will occur later this year.”
The financial giant is leasing a floor and a half, Blackman said. A source familiar with the transaction said American Express is moving from 730 Peachtree St., also known as Circa 730, where Kabbage has its offices. American Express rebranded Kabbage as American Express Business Blueprint earlier this year.
JLL Executive Managing Director Adam Viente and Managing Director Brooke Dewey represented MetLife and Granite in the deal. JLL Senior Managing Director Ryanne Pennington and Managing Director Tim McCarthy represented American Express.
Midtown Union, the block-swallowing complex at Spring and 17th streets, is also home to Invesco’s headquarters, which is expected to open this month. The development also features StreetLights Residential-developed, 355-unit apartment tower and a 230-room Kimpton-branded hotel.
One of the largest office deals of the year so far, American Express’ move is emblematic of the kind of office deals that experts foresee will dominate Atlanta this year: smaller deals that see companies upgrade their office spaces, Avison Young Southeast Region Lead Sara Barnes said.
“We’re definitely still seeing a flight to quality” as companies attempt to “get those employees motivated to come back,” Barnes said. “Whether it’s amenities in the building or around the building, that’s a huge push right now.”
