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Portman Seeking $5M Property Tax Break Over 10 Years For Third Midtown Office Tower

Atlanta Office
Rendering for Portman Holdings' planned 712 West Peachtree St. spec office tower in Midtown

The developer of Midtown's high-performance computing tower and Anthem's new IT building is readying for a third helping of office in the same area — thanks to potential incentives.

Portman Holdings is heading before Invest Atlanta, the city's economic development arm, for approval of a $110M lease bond incentive, a move that will allow the developer to offset property taxes over a decade. Portman plans to develop 712 West Peachtree, a 345K SF office tower in Tech Square next door to the under-development 740 West Peachtree St. — known as the Anthem Technology Center — and Coda.

The net result: Portman is predicting that the new tower will create more than 2,300 permanent jobs and have a more than $220M economic impact on the city. In exchange, Portman will save more than $5M in taxes over 10 years.

While the job number prediction appears specific, it could be accounting for the average of 150 SF per employee for a midsized office user that the industry has been seeing in this cycle. Officials with Portman did not return calls as of press time.

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 pre-leasing deal with Anthem — which operates Blue Cross Blue Shield of Georgia — at the 21-story tower for its IT hub. Invest Atlanta is expected to vote on the incentive this Thursday.

CORRECTION, SEPT. 19, 10:30 A.M. ET: A previous headline of this story misconstrued the actual value of the tax break incentives. The headline has been updated.