Downtown's historic Hurt Building sells for almost $34 million

November 3,2016

Source: Douglas Sams, Atlanta Business Chronicle

"Downtown’s historic Hurt Building has a new owner.

New York real estate firm Gamma Real Estate, with local operating partner Dion Meltzer, bought the 18-story building for $33.6 million. The seller was Boxer Properties.

The Hurt Building, with its triangular form influenced by Louis Sullivan and the Chicago School, has been a downtown landmark since the 1920s. The building, at 50 Hurt Plaza in the Five Points area near Georgia State University, was developed by Atlanta engineer and builder Joel Hurt.

The Hurt Building will get a $4 million makeover that includes exposing its historic marble interior. Much of it was covered by carpet during a 1980s renovation, Meltzer said. “That renovation carpeted a lot of the common areas,” he said. “This building has beautiful lobbies. We want to bring it back to the way it was.”

A new Starbucks is also opening, he said.

The Hurt Building is 72 percent occupied, though Meltzer said discussions are underway with at least 50,000 square feet of additional tenants.

"The entire dynamic is changing for downtown," he said. "More people are using MARTA. GSU is expanding. Underground Atlanta and the new (Falcons) stadium are happening. It only makes sense that the next wave of development will happen in the Five Points area.""