Georgia Tech moves forward with Technology Square expansion project
Technology Square (Photo Credit: Raftermen Photography)
The Georgia Institute of Technology received approval to proceed with the high performance computing center lease agreement during today’s meeting of the Board of Regents of the University System of Georgia. This step follows the recent selection to move forward with Portman Holdings as the project developer for Georgia Tech’s expansion of Technology Square.
The proposed 750,000-gross-square-foot, mixed-use project will be located between Spring Street and West Peachtree Street near the Scheller College of Business and the Georgia Tech Hotel in Midtown Atlanta. Georgia Tech will serve as an anchor tenant, taking approximately one-half of the new development. The remaining space will be available for corporate entities and partners. The Institute plans to locate academic and leading-edge research programs in computing and advanced big data analytics there.
“This expansion is one of the most exciting developments since the opening of Technology Square more than a decade ago and will provide extended options for those looking to be a part of Georgia Tech’s innovation ecosystem,” said Executive Vice President for Administration and Finance Steve Swant. “We are pleased to take the next step in providing an interdisciplinary collaborative environment that will ultimately magnify Technology Square’s positive impact in the Midtown Atlanta area and the state of Georgia.”
With a targeted 2018 opening, the Technology Square expansion will support economic development in Atlanta and the state by creating jobs, new tax revenues and technology clusters, according to Swant.
“We are thrilled Portman has been selected to work with Georgia Tech on a new kind of workplace—a ‘Class T’ office with adjoining data center and vibrant public space,” said Ambrish Baisiwala, chief executive officer of Portman Holdings. “This building will be special—bringing people together in a mixed-use community of innovation, education and intelligent exchange that represents a paradigm shift in office development."
John Portman IV, chief operating officer of Portman Holdings, added, “The histories of Portman Holdings and John Portman & Associates are inextricably linked to Atlanta and Georgia Tech, and we look forward to collaborating together on this landmark development in Tech Square.”
The project offers a highly desirable, strategic destination for prospective stakeholders, according to John Majeroni, Georgia Tech’s executive director of Real Estate Development.
“We are excited to complete this milestone; however, in order for the project to be feasible, we still have plenty of work ahead,” said Majeroni.
Georgia Tech’s next steps will involve working with Portman Holdings on pre-development activities, securing economic support and getting additional state approvals.