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Georgia Tech Foundation to acquire historic Biltmore

June 16, 2016 By Andrew Smith

The Georgia Tech Foundation Inc. (GTF) has reached an agreement to purchase the historic Biltmore on West Peachtree Street in Midtown Atlanta from an affiliate of Novare Group for an undisclosed price.

Biltmore
The Georgia Tech Foundation has reached an agreement to purchase the historic Biltmore on West Peachtree Street from an affiliate of Novare Group, officials announced June 13, 2016.

“The Biltmore is already a vibrant component of what the Georgia Tech Foundation, the Institute and its partners have previously built in creating the innovation neighborhood of Technology Square,” said Gary T. Jones, chairman of the Georgia Tech Foundation. “This simply strengthens what is one of the country’s most energetic technology ecosystems and is a wonderful example of the connections and collaborations between startups, business leaders and Georgia Tech faculty, students and researchers. It’s a great honor for the Georgia Tech Foundation to own this well-known Midtown landmark and to continue to be a part of Technology Square as it serves as a magnet for Georgia’s entrepreneurial community.”

“For many years, the Biltmore has served as the historic anchor in Midtown Atlanta,” said G.P. “Bud” Peterson, president of the Georgia Institute of Technology. “When you cross the Fifth Street bridge connecting our main campus with Tech Square, it is the first thing you see. We are proud to be able to incorporate it as a part of Georgia Tech. The acquisition of the Biltmore, combined with the state’s generous support of our business incubator program, the Advanced Technology Development Center (ATDC), positions Georgia Tech to further expand the number of companies we serve. We look forward to integrating this iconic structure into our growing entrepreneurial ecosystem, where it will help us accommodate additional innovation centers and startups that want to take advantage of the energy, expertise and technologies at Georgia Tech, as well as the collaborative spirit in one of the South’s most thriving innovation neighborhoods.”

“It has been a privilege to restore and operate this Atlanta icon, and we are proud of the work done in preserving a landmark for the community and creating a premier creative office and elegant event space,” said Jim Borders, president, Novare Group. “With the building effectively 100 percent occupied, the timing was right to bring The Biltmore to market. We had significant interest from several qualified groups, and we are very pleased that Georgia Tech will carry the flag into the future.”

William Candler, son of Coca-Cola magnate Asa Candler, was the local financier behind the Biltmore project, purchasing the land for the hotel in 1921 with his proceeds of the sale of the Coca-Cola Company and incorporating the Atlanta Biltmore Hotel Company in conjunction with the New York-based Biltmore hotel chain. The Atlanta Biltmore opened in 1924 and served as the cultural and social center of Atlanta for decades. The Biltmore fell into disrepair in the 1980s when it was closed for a failed conversion into apartments. Novare purchased the property in January of 1998 and adapted the building into loft office space, and the elegant ballrooms that were a part of the original Biltmore were restored to their former glory.

The building, which has approximately 290,000 square feet of loft office, retail and ballroom space, is directly across West Peachtree Street from Technology Square, a multi-block part of the Georgia Tech campus that is home to the Scheller College of Business, the Georgia Tech Hotel and Conference Center, the Georgia Tech Global Learning Center, the Advanced Technology Development Center and the to-be-developed High Performance Computing Center, now known as “Coda.” The Georgia Tech Foundation has worked with Georgia Tech over the past 15 years to develop Technology Square.

The Biltmore is occupied predominantly by engineering firms, energy companies and late-stage technology startups. The largest tenants are Pindrop, SouthStar Energy Services and Kimley-Horn and Associates. The acquisition does not include the Biltmore Residences, which are privately owned condominiums.

“The purchase of this property will not affect the historical status of the building,” said Al Trujillo, president of the GTF. “We will continue the legacy of appropriate financial and operational stewardship of this remarkable treasure.”

Source: http://www.news.gatech.edu/2016/06/13/georgia-tech-foundation-acquire-historic-biltmore 

Filed Under: Georgia Tech News Tagged With: ATDC, Biltmore, Coda, Georgia Tech, Georgia Tech Foundation, Technology Square

Georgia Tech, Portman announce Coda in Tech Square

April 25, 2016 By Andrew Smith

The new Coda building in Georgia Tech's Technology Square is a nearly 750,000-square-foot mixed-use project. John Portman & Associates is designing the facility. Georgia Tech will occupy about half the office space and the building will house Tech's high performance computing center. The retail space includes the adaptive reuse of the historic Crum &; Forster building.
The new Coda building in Georgia Tech’s Technology Square is a nearly 750,000-square-foot mixed-use project. John Portman & Associates is designing the facility. Georgia Tech will occupy about half the office space and the building will house Tech’s high performance computing center. The retail space includes the adaptive reuse of the historic Crum & Forster building.

The Georgia Institute of Technology and Portman gathered Atlanta’s civic and business leaders on April 20th to announce Coda, an unprecedented collaborative building including Georgia Tech’s high performance computing center located in Tech Square. The approximately 750,000-square-foot mixed-use project represents a $375 million investment into the budding innovation district.

Within the development, 620,000 square feet will be office space designed to enable unparalleled collaboration between research and industry. Georgia Tech will occupy about half the office space. Nearly 40,000 square feet of retail space, including the adaptive reuse of the historic Crum & Forster building, will be accessed by a plaza, which will become a local gathering place and outdoor living room for Tech Square and Midtown Atlanta. The development also includes an approximately 80,000-square-foot data center, which Next Tier HD has been selected to operate.

“With Georgia Tech as the anchor tenant, the high performance computing center’s interdisciplinary, collaborative environment will enhance Tech Square’s positive impact in Midtown Atlanta, bringing together people in a mixed-use community of innovation, education and intelligent exchange,” said Georgia Tech President G.P. “Bud” Peterson. “In 12 short years, Tech Square has become the Southeast’s premier innovation neighborhood.”

“The Portman team is honored to bring to life the vision for this mixed-use property at Tech Square, unlike anything else in the southeastern United States,” said Ambrish Baisiwala, CEO of Portman Holdings. “We’re excited to develop Coda – encompassing collaborative office space, co-working and research facilities, a high performance computing center and interactive community space, collectively enhancing the innovation ecosystem created by Georgia Tech and Midtown.”

Coda represents the next phase of Georgia Tech’s Technology Square – Atlanta’s most sought after neighborhood for technology- and science-based companies. The new complex will be programmed around high performance computing modeling, simulation and a sustainable innovation ecosystem that integrates the existing assets of Tech Square with new opportunities in interdisciplinary research, commercialization and sustainability.

John Portman & Associates is designing the facility in order to achieve the primary goal of bringing research and commercialization together.  The design includes the creation of an outdoor urban plaza bordered by retail and a giant interactive media wall, a high performance data center, and two office towers connected by a central collaborative core. This collaborative core will be a gathering nexus uniquely connecting every floor from top to bottom. The design truly represents the next generation of office space and will be a unique landmark for the city of Atlanta.

“We believe innovation is generated by looking at things in a different way,” explains Pierluca Maffey, vice president of design for John Portman & Associates. “So we are creating spaces that allow brilliant thinkers, creative minds and smart business people to come together, share their points of view and start a process that leads to the next big idea.”

Tech Square connects the intellectual capital of Georgia Tech with the thriving business community in Midtown Atlanta.  It is a magnet for tech startups and university spinoffs. The area has attracted industry innovation centers that include AT&T Mobility, Panasonic Automotive, Southern Company, Delta Air Lines, The Home Depot, Coca-Cola Enterprises, NCR and ThyssenKrupp Elevator Americas. Along with the new NCR world headquarters under development and Tech Square Labs, the eight-block Tech Square campus will soon total 3 million square feet of commercial space and more than $1 billion invested. The mixed-use development will serve as an urban “main street” for the campus and community. Leasable office and retail space will be represented by Portman Holdings’ Travis Garland, assisted by JLL.

Invest Atlanta has been very supportive of the project, which is anticipated to have an economic impact of $813.8 million as well as significant economic benefits – not only through the creation of 2,100 construction jobs and 2,400 jobs onsite after completion, but also through its impact on innovation in the region.

Source: http://www.news.gatech.edu/2016/04/20/georgia-tech-portman-announce-coda-tech-square

Filed Under: Georgia Tech News Tagged With: Coda, Crum & Forster building, Georgia Tech, innovation, Midtown Atlanta, Tech Square, technology

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