The Georgia State University Foundation has finalized the purchase of the building at 55 Park Place in downtown Atlanta for $33.5 million, giving the university access to more than half a million square feet of office space.
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“When the building at 55 Park became available, it was clear to all of us that the location, space and overall quality made it a fantastic acquisition for Georgia State,” said President Mark P. Becker. “One of our biggest assets as a university is our ability to put both students and faculty squarely in the middle of this city’s business and governmental activity, and this new property makes that asset even more valuable.”
The acquisition of the site, formerly known as Georgia-Pacific Plaza, means Georgia State’s footprint will now include the entire eastern side of Woodruff Park. To the south of 55 Park Place, just across from Auburn Avenue, is the former SunTrust Building at 25 Park Place, which the Foundation purchased in 2007. To the north is space the university plans to use for new buildings for the business college and law school.
With nearly 560,000 square feet over 19 floors, all of it in move-in condition, 55 Park Place will dramatically increase Georgia State’s office space. The building will also benefit the university as an investment property. About a dozen current tenants will remain until their leases expire.
Other important features include two interior atria, two levels of below-ground parking (with an additional two-level parking deck behind the building) and access to the Peachtree Center MARTA station less than a quarter of a mile away.
“The mission of the Georgia State University Foundation is to help and support the university,” said foundation board chair Kenneth L. Bernhardt. “Not only will this property pay important near-term benefits for our students, faculty and staff, in the long term it will further solidify Georgia State’s status as an important driving force for downtown Atlanta.”