Portman Files To Build Another Midtown Spec Office Project
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Portman Holdings is taking the first steps to add another 600K SF to Midtown's hot office market.
The local firm filed permits with the City of Atlanta to raze an existing SunTrust Bank building and prep the site for new office buildings at 740 West Peachtree St.
The permits were filed just weeks after Portman announced plans to develop a two-tower, mixed-use office project that will include 10K SF of retail, a 5,500 SF bank and 140 residential units across the street from its Coda project. Portman Director of Leasing Travis Garland previously told Bisnow that the developer intended to move forward on construction without any office tenants committed to leasing space.
It was unclear as of press time whether Portman intends to develop the entire project on spec or only a portion of it.
Portman started construction last year on the $375M, 770K SF Coda project with a 300K SF pre-lease with Georgia Tech. Other tenants at the project include ThyssenKrupp and Next Tier HD, which will operate an 80K SF data center. Coda is scheduled to deliver in 2019.
The developer is launching a new project at a time when Midtown's office market has been posting some of the best tenant gains in Atlanta, according to a recent Colliers International report. Tenants such as Equifax, Honeywell and WeWork all added space in the submarket this past year.