Portman has purchased 230 Peachtree Street, a 414,768-square-foot office tower in downtown Atlanta. The 50-year-old building was first developed as an office building by Portman in 1965 as part of the Peachtree Center mixed-use development.
Renovation will commence immediately to convert the 27-story building. Upon completion, office space will occupy approximately 290,000 sq. ft. on floors 10 through 27, while a new 200-key Hotel Indigo® hotel will occupy floors two through nine. The renovation is scheduled for completion in late 2015. John Portman & Associates will provide architectural services for the development.
“Portman Holdings is focused on seeking out unique opportunities to create differentiated products in prime locations like 230 Peachtree Street, which sits above the Peachtree Center MARTA station and in close proximity to the new Atlanta Streetcar,” said Ambrish Baisiwala, CEO of Portman Holdings. “Downtown Atlanta is clearly a market to which we are deeply committed, and the fact that this is a legacy project makes it even more compelling.”
Once complete, the building will house the only hotel in downtown Atlanta that is directly above a MARTA station, providing access to some of the city’s best attractions, convention locations, business districts and more.
“When I first developed the 230 Peachtree tower, I commissioned a Robert Helsmoortel sculpture for the plaza out front. It was titled ‘Renaissance’ to symbolize Atlanta’s renewal,” said John C. Portman, Jr., founder and chairman of Portman Holdings. “The sculpture, unfortunately, is long gone, but the 230 tower is once again set to help spark renewal in downtown Atlanta, and I could not be more proud or more pleased to be a part of it.”
The transit-oriented development adds to a long list of development activity slated for Atlanta’s downtown central business district during this year.
“Downtown Atlanta is currently seeing a surge in adaptive reuse projects and Portman’s creativity and re-investment in a building that he knows well is an exciting story for the heart of the city,” said A.J. Robinson, president of Central Atlanta Progress.
Hotel Indigo is IHG’s (InterContinental Hotels Group’s) upscale boutique brand. “As an Atlanta-based company, IHG is thrilled to work with one of the city’s most admired and respected architects and developers,” said Kirk Kinsell, president, the Americas, IHG. “Ten years ago, we opened the first Hotel Indigo hotel in Midtown across from the iconic Fox Theatre, and today we have 55 locations in 11 countries. Signing another hotel in Atlanta has a special meaning to IHG, as it brings us full circle back to the place where it all began.”
Charles Pinkham, III of Portman Holdings serves as the development manager on this mixed-use development. Travis Garland of Portman Management Company will take over office leasing responsibilities for the building.
About Portman Holdings
Throughout the past 60 years, Portman Holdings has developed over 50 million square feet of premium real estate across the world with a focus on hospitality, office and mixed-use properties. The vertically integrated real estate development, investment and management company commands a successful global network and has a proven track record with the world’s top financial institutions. Teams in the company’s global offices seamlessly connect to develop, finance and manage a diverse portfolio in the world’s core and emerging markets. Portman Holdings continues to achieve success through investor, partner, and client relationships that deliver exceptional real estate projects. For additional information, visit www.portmanholdings.com and follow the company on Twitter via @PortmanRE.
About John Portman & Associates
John Portman & Associates, Inc. (JP&A) is an internationally renowned architectural design firm with offices in Atlanta, Georgia and Shanghai, China. Established in 1953, JP&A has over 60 years of expertise in designing hotels, residences, offices, universities, exhibition centers and mixed-use urban complexes. JP&A projects can be seen in more than 60 cities worldwide. The firm’s architecture transcends national borders by striving for universal human appeal, delivering a memorable experience for users and maintaining a sound investment for owners and operators. For more information on John Portman & Associates, visit www.portmanusa.com and follow the company on Twitter via @JPortmanAssoc.
About Hotel Indigo®
The Hotel Indigo® brand is a global boutique hotel brand that delivers a refreshing and inviting guest experience that is truly reflective of the local community. From the locally-inspired murals to the renewal program where the music, scent, and menu items change throughout the year, each Hotel Indigo hotel delivers a vibrant, engaging and genuine boutique experience that gives guests the confidence to step out and explore the local neighborhood. Each Hotel Indigo property is unique and designed to reflect the local culture, character and geography of the surrounding area while brand hallmarks ensure consistent and reliable service from location to location. No two hotels are the same. There are 55 Hotel Indigo hotels open around the globe. With a quality global pipeline of 51 hotels, the Hotel Indigo estate is set to double in size to 100 properties within the next three to five years. For more information or to make a reservation, visit http://www.hotelindigo.com. Find us on Twitter http://www.twitter.com/hotelindigo or Facebook www.Facebook.com/hotelindigo.