Portman Grabs 10-Year Tax Break For 3rd Midtown Tower
The board of Invest Atlanta, the city's economic development arm, approved a $110M lease bond package Thursday to finance the development of a $151M, 345K SF office building called 712 West Peachtree. Those bonds translate into $5M in property tax savings over the course of a decade.
According to Invest Atlanta documents, Portman predicts the tower would ultimately create 2,333 permanent jobs in the city. Portman is moving forward on the tower without any tenants having signed a lease.
This is Portman's third at-bat with office in the immediate area. It already secured Georgia Tech as a primary tenant at Coda, and earlier this year it snagged a full-building pre-lease deal with Anthem — which operates Blue Cross Blue Shield of Georgia — for its IT hub at the 21-story tower next door to 712 West Peachtree.