US$ 224M+ Acquired for Construction of Portman’s 1020 Spring Office Tower in Atlanta

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Cushman & Wakefield, a global commercial real estate services business, has revealed that more than $224 million in construction finance has been acquired for the construction of the Portman’s 1020 Spring Office Tower.

The tower is a component of the three-pronged Portman Holdings’ project in Midtown Atlanta, or simply Midtown, which is a high-density commercial and residential neighbourhood of Atlanta, Georgia.

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The monies for the project, which is being developed between Spring Street and downtown Atlanta, were acquired through Goldman Sachs Group, Inc., an American multinational investment bank and financial services company headquartered in New York City. 

Features and amenities of the Portman’s 1020 Spring Office Tower

The 528,000-square-foot Portman’s 1020 Spring Office Tower, the construction of which is expected to break grounds this quarter, will be built adjacent to the nearly century-old Spring Hill Mortuary (H.M. Patterson House), a Philip Trammell Shutze-designed landmark that will be adapted and blended into the three-pronged Portman Holdings’ project dubbed Spring Quarter as a “new destination retail experience,”.

Upon completion, the office building will have approximately 8,000 square feet of retail space at its base, an 11-storey parking garage (four levels beneath, seven above) with 936 parking spots, and a ratio of 1.8 spaces per 1,000 square feet of office space. The offices require ceiling heights of more than 13 feet and floor-to-ceiling windows to maximize skyline views.

Other features of the Kohn Pedersen Fox Associates (KPF)-designed project include what might be Atlanta’s first new indoor pickleball court adjacent to the indoor-outdoor fitness centre, a lobby café, terraces and balconies on each story, and an open coworking area near a rooftop bar.

In a statement, Brian Linnihan, vice-chair of Cushman & Wakefield, described the Portman’s 1020 Spring Office Tower as “the next crown gem of the city” and observed that Midtown office demand is “4.5 times larger than supply for full-floor vacancies available, spearheaded by the IT tenants fuelled by Georgia Tech.”