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BlackRock is still looking for a permanent office for its new Atlanta tech division, but in the meantime, it has moved employees into a new WeWork in Midtown.
The world's largest investment management firm, which announced plans to establish a technology hub in Atlanta, is leasing space from WeWork at the new Coda tower in Technology Square in Midtown, Portman Holdings Executive Vice President Hunter Richardson said during Bisnow's Atlanta State of the Market event on Wednesday.
WeWork leased 67K SF at Coda last year, a space that can accommodate up to 1,200 WeWork members, the Atlanta Business Chronicle previously reported. Richardson did not elaborate on what the firm would do beyond then, but a source familiar with the transaction said BlackRock is using the WeWork space at Coda until the firm secures a permanent location in Metro Atlanta.
Bisnow reported last year that BlackRock tapped JLL to search for upward of 200K SF of offices, mainly in Midtown, for its new innovation center called iHub. Known as Project Sky in economic development circles, BlackRock is expected to garner $25M in tax breaks in exchange for creating 1,000 new jobs in Atlanta by 2024.
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The Atlanta location was among three planned BlackRock iHubs, along with a 1,500-worker operation in India and a 600-person hub in Budapest.
In February, the Atlanta Business Chronicle reported that BlackRock was in final negotiations for space at 725 Ponce, the $190M mixed-use project across from Ponce City Market. That project's developer, New City, also was in talks with WeWork and Starbucks. It was unclear as of press time whether those talks have led to a final deal with BlackRock or if the firm is still looking elsewhere.
CORRECTION, JUNE 27, 4:30 P.M. ET: BlackRock has been steadily building its presence in Atlanta since the iHub announcement and is not just now entering the market. The story has been updated.
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