Georgia State Buys 55 Park Place
July 2,2013
Georgia State keeps expanding its Downtown Atlanta footprint.
This time Georgia State University Foundation bought 55 Park Place, paying $33.5 million for the 19-story building. The acquisition of the building, formerly known as Georgia-Pacific Plaza, means Georgia State now owns key properties on the entire eastern side of Woodruff Park.
The building also gives the university access to more than 500,000 square feet of office space.
In May, the university emerged as the frontrunner to buy the building.
“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,” President Mark Becker said in a news release. “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.”
Georgia State is one of downtown's biggest and most-active real estate players.
To the south of 55 Park Place, across from Auburn Avenue, stands the former SunTrust Building. The Foundation purchased that tower in 2007. To the north, the university is already planning new buildings for its business college and law school.
Buying 55 Park Place gives Georgia State much-needed office space. It also benefits the university as an investment. About a dozen current tenants will remain until their leases expire.
“The mission of the Georgia State University Foundation is to help and support the university,” Foundation Board Chair Kenneth L. Bernhardt said. “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.”
Cushman & Wakefield represented the seller in the transaction.