Construction Products Company Moving Headquarters From Cambridge To Atlanta
A construction products company is moving its headquarters from its bustling Cambridge neighborhood to the booming Atlanta region.
GCP Applied Technologies, which occupies 290K SF of office and lab space at Alewife Park, on Wednesday announced plans for a new corporate headquarters in the Atlanta area by the end of 2021. The company specializing in cement and concrete technologies sold its 26.5-acre campus for $125M last July to life sciences developer IQHQ.
“[Atlanta] has a diverse professional talent pool, strong market characteristics and its affordability makes it attractive to both employees and employers,” GCP CEO Simon Bates said in a statement.
The company said it reviewed more than six potential locations but didn't disclose to which building it is moving.
The move out of Cambridge paves the way for IQHQ to develop a six-building, 565K SF campus, wrapping in the 90K SF One Alewife Center it purchased in November for $54M. GCP had been leasing its space back from IQHQ since last July’s sale as it searched for a new headquarters. IQHQ in a brief statement Thursday acknowledged GCP's move but declined to disclose for how many months GCP had leased back the space.
GCP will also maintain a research and development site in the Greater Boston area, the company said. The Alewife neighborhood in West Cambridge has seen investment pour in as the market seeks requirements outside of the pricy Kendall Square and Seaport neighborhoods, although at least one massive developer has cited transportation concerns as a reason to stay away.
The move to Atlanta is the latest significant migration to the metro in recent years, heating up in 2021 with commitments from Microsoft, Papa John’s and Airbnb. GCP said it estimates cost savings in Atlanta between $13M and $15M beginning in 2022. The company features area connections, including board members with Atlanta residences and business ties, according to the Atlanta Journal-Constitution.